The national MiMi value stands at 85, largely unchanged from last month, indicating a housing market that's on the outer range of its historic benchmark level of housing activity, with a +0.08 percent improvement from May to June and a three-month improvement of +1.37 percent. On a year-over-year basis, the national MiMi value improved +5.76 percent. Since its all-time low in October 2010, the national MiMi has rebounded 42 percent, but remains significantly off from its high of 121.7.
Thirty-eight of the 50 states plus the District of Columbia have MiMi values within range of their benchmark averages, with Utah (97), Hawaii (96.9), Oregon (96.9), Montana (96.8) and Colorado (96.3) ranking in the top five with scores closest to their historical benchmark index levels of 100. Seventy-seven of the 100 metro areas have MiMi values within range, with Los Angeles, CA (99.8), Salt Lake City, UT (100.4), Honolulu, HI (98.9), Portland, OR (98.2) and Provo, UT (98.2), ranking in the top five with scores closest to their historical benchmark index levels of 100. The most improving states month over month were North Carolina (+0.91%), District of Columbia (+0.86%), Louisiana (+0.78%), Georgia (+0.77%), and South Carolina (+0.76%). On a year-over-year basis, the most improving states were Oregon (+12.28%), Colorado (+11.59%), Florida (+11.02%), Tennessee (+10.37%) and New Jersey (+10.31%). The most improving metro areas month over month were Charlotte, NC (+1.70%), Albany, NY (+1.53%), Syracuse, NY (+1.49%), Buffalo, NY (+1.43%) and Columbia, SC (+1.39%). On a year-over-year basis, the most improving metro areas were Orlando, FL (+16.85%), Denver, CO (+14.02%), Tampa, FL (+13.98%), Chattanooga, TN (+13.78%) and Dallas, TX (+13.77). In June, 42 of the 50 states and 84 of the top 100 metros were showing an improving three-month trend. The same time last year, 49 of the 50 states, and all of the top 100 metro areas, plus the District of Columbia were showing an improving three-month trend.
Quote attributable to Freddie Mac Deputy Chief Economist Len Kiefer:
"Nationally, MiMi in June was largely unchanged at 85, marking a 5.76 percent year-over-year increase and the 50th consecutive month of year-over-year increases. Low mortgage rates and consistent job gains are helping to bolster homebuyer demand, which is reflected in the MiMi purchase applications indicator. Purchase applications, as measured by MiMi, rose 1.75 percent month over month in June to the highest level since December 2007."
The 2016 MiMi release calendar is available online.
MiMi monitors and measures the stability of the nation's housing market, as well as the housing markets of all 50 states, the District of Columbia, and the top 100 metro markets. MiMi combines proprietary Freddie Mac data with current local market data to assess where each single-family housing market is relative to its own long-term stable range by looking at home purchase applications, payment-to-income ratios (changes in home purchasing power based on house prices, mortgage rates and household income), proportion of on-time mortgage payments in each market, and the local employment picture. The four indicators are combined to create a composite MiMi value for each market. Monthly, MiMi uses this data to show, at a glance, where each market stands relative to its own stable range of housing activity. MiMi also indicates how each market is trending, whether it is moving closer to, or further away from, its stable range. A market can fall outside its stable range by being too weak to generate enough demand for a well-balanced housing market or by overheating to an unsustainable level of activity.
For more detail on MiMi see the FAQs. The most current version can be found at FreddieMac.com/mimi.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for approximately one in four home borrowers and is the largest source of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.