Although the housing market is still in a weak state, it's still improved from last year. But according to the Freddie Mac’s September Multi-Indicator Market index, the housing market is closer in similarities to its all-time low than its all-time high.
The national MiMi came in at 74.4, indicating a weak housing market overall. This is a slight improvement from August to September, and on a year-over-year basis, the housing market has improved 3.68%.
Mimi’s all-time high was 121.9 in June 2008, compared to its low of 59.8 in September 2011.
In September, 21 of the 50 states and 21of the 50 metros were showing an improving three-month trend. To put this in perspective, the same time last year, every state plus the District of Columbia, and 49 of the top 50 metro areas were showing an improving three-month trend.
"Following a similar trend from last month more states and metros continued to show improvement from the very slow summer months,” said Freddie Mac chief Economist Len Kiefer.
(Source Freddie Mac: Click to enlarge)
Click the next page to see what metros areas made the top five.
(Source Freddie Mac; Click to enlarge)
5. Birmingham (+1.19%)
Barely making it into the top five, Birmingham posted a weak but improving housing market. The city’s MiMi is 68.1 for the month, an improvement of 1.19% over last month and 0.59% over the last three months. A lot of this improvement is due to the 2.6% increase in the Payment-to-Income indicator over the past three months.
4. Orlando (+1.54%)
This Florida city’s MiMi is at 59.5%, improving 1.54% over last month and 1.36% over the last three months. Most of this improvement is attributed to the 14.18% increase in the Current on Mortgage indicator over the past three months.
3. Miami (+1.60%)
Miami ranks 27th overall, increasing two spots from last month and increasing 12 spots from one year ago. The Miami MiMi came in at 69.9 for the month, an improvement of 1.6% over the previous month and 3.1% over the last three month.
2. Las Vegas (+2.27%)
Although Las Vegas ranks 50th, unchanged from last month and unchanged since last year, it is still the second most improving metro. This is largely due to the 5.77% increase in the Employment indictor over the past three months.
1. Denver (+2.44%)
While Denver is the most improved metro market, it ranks 16th overall, increasing one spot from last month and nine spots from one year ago. The city’s MiMi is 75.7 for the month, an improvement of 2.44% over last month and 3.7% over the last three months.