The housing market did not improve much in July, according to Freddie Mac’s Multi-Indicator Market Index (MiMi), which measures the overall health of the market based on four indicators: purchase applications, payment-to-income ratios, percent of borrowers current on their mortgages and employment.
However, South Carolina moved back into its historic benchmark level of housing activity, as did two metro areas, Atlanta and Augusta, Ga.
As of the end of July, the MiMi index score was 85, largely unchanged from June.
From May to June, the index increased 0.08%. From March to June, it increased 1.37%. And from July 2015 to July 2016, it improved 5.76%.
Since its all-time low in October 2010, the national MiMi has rebounded 42% but remains significantly off from its high score of 121.7.
Thirty-eight of the 50 states plus the District of Columbia had MiMi values within range of their benchmark averages as of the end of July.
What’s more, 77 of the 100 metro areas tracked had MiMi values within range, with Los Angeles (99.8); Salt Lake City (100.4); Honolulu (98.9); Portland, Ore. (98.2); and Provo, Utah (98.2) ranking in the top five.
“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,” said Len Kiefer, deputy chief economist for Freddie Mac, in a release. “Low mortgage rates and consistent job gains are helping to bolster home buyer 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.”