The latest Multi-Indicator Market Index (MiMi) by Freddie Mac detailed the improvement to four-fifths of the nation’s housing markets. The analysis revealed that Dallas (1), Nashville (2), Honolulu (3), Odgen, Utah (3); and Los Angeles (5) were the top five metros. 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, according to Freddie Mac.
Dallas, deemed the second-hottest market by Realtor.com, was one of six Lone Star State cities included in the report. Data from a Zillow report released last month stated that Dallas had the highest year-over-year home value appreciation among the 35 largest metros across the country for the third month in a row in October. The report also mentioned that home values in Dallas have appreciated over 12 percent since 2015.
Dallas was also one of the top 10 cities for annual home price gains in October, according to Case-Shiller. The latest report detailed that area prices were 8.1 percent higher than 2015 compared to other national markets.
Freddie Mac Deputy Chief Economist Len Kiefer detailed the report from a national level. “The National MiMi stands at 86.4, a 5.88 percent year-over-year increase, but still below its historic benchmark normalized to 100,” he said. “The purchase applications indicator is up nearly 20 percent from last year and is reflected in the recent better-than-expected existing and new home sales purchase data.”
Among the most improved metro areas were Springfield, Massachusetts; Tucson; Las Vegas; Ogden, Utah; and Worchester, Massachusetts.
Ogden, a city that has been dubbed one of the next “Silicon Slopes,” is known as one of the fastest-growing technology hubs in the nation. The median price of homes in Ogden is $200,000.
Kiefer discussed how there is still room to grow for various home markets, despite the successes that some markets have seen in recent months. “MiMi does not yet capture the recent jump in mortgage rates since the election, which will drive down homebuyer affordability and likely dampen demand for home sales next year in some markets,” he said. “While we see strong house price growth in markets like Dallas, Houston, Orlando, Phoenix and others, most are still well below their pre-2008 peak and still have significant room for improvement.”
To view the report, click here.