Freddie Mac today released its updated Multi-Indicator Market Index (MiMi) showing the US Market continuing to stabilize. At 81.2 the index shows a 37% improvement from it's low, but remains significantly off from it's high of 121.7
The Miami housing market is in range and improving. The Miami metro MiMi score is at 84.3, way above it's low of 45.6 reached in October 2010
Quote attributable to Freddie Mac Deputy Chief Economist Len Kiefer:
"The nation's housing market continues to improve riding the wave of the best year in home sales since 2007. With the MiMi purchase applications indicator at its highest level in more than seven years we expect home sales to remain strong. Low mortgage rates are fueling the recovery across the country. Places like Denver, Austin and Salt Lake City, and most markets in California, are seeing robust home purchase demand and in many cases double-digit growth over last year."
"Buoyed by strong employment growth, housing supply is struggling to keep pace with demand, which is driving house prices higher. Fortunately, low mortgage interest rates are helping to keep homebuying affordable for some prospective homebuyers. Nationwide, housing markets are getting back to their long term benchmark averages, but they still have room for improvement. We're expecting housing to sustain its momentum going into yearend, but we're going to need stronger income growth to carry housing throughout 2016."