MCLEAN, VA – Sept. 26, 2014 – Freddie Mac's newly updated Multi-Indicator Market Index (MiMi) finds that the U.S. housing market struggles to keep stable momentum.
A slight decline in the national MiMi value this month appears to be broad-based, Freddie says, and not concentrated in a handful of state or metro markets.
Improving Florida markets
Florida, however, is one of the states seeing improvement month-to-month. The list, in order, is: Illinois (+0.92% MiMi), Rhode Island (+0.72%), Washington (+0.53%), Nevada (+0.38%) and Florida (+0.31%).
On a year-over-year basis, the most improving states were Nevada (+20.51%), Illinois (+12.16%), Florida (+11.75%), California (9.15%) and South Carolina (+8.01%).
One Florida city made the "most improving metro areas" list month-over-month, and two made the list in a year-to-year comparison. Month-to-month: Miami (+0.88%), Chicago (+0.64%) Las Vegas (0.62%), Providence (+0.56%) and Seattle (+0.27%).
On a year-over-year basis the most improving metro areas were Las Vegas (+23.35%), Riverside, (+14.97%), Chicago (+14.73%), Miami (+13.70%) and Orlando (+11.93%).
"We will continue to see 'two steps forward and one step backward' movement in our housing stability index until the broader economy sees better growth, labor markets tighten further and household formations pick-up to bring more first-time and move-up buyers into the market," says Freddie Mac Chief Economist Frank Nothaft.
"The good news is overall the housing market continues to improve and is up 5 percent on a yearly basis in the latest MiMi reading," he adds.
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