According to Freddie Mac, the country’s housing market is almost back to normal or, in Freddie’s terms, “on the outer edge of its historic benchmark range of housing activity.” The research also found that Florida and many of its metro areas are improving quickly. The state came in second to Nevada as “most improved,” and four metro areas made the top five for most improved month-to-month: Las Vegas, Palm Bay, Tampa, Orlando and Sarasota.
Florida. real estate market rapidly going back to normal
In Freddie Mac’s list of metro areas most improved year-to-year, four Florida cities made their list: Orlando ranked first at No. 1, followed by Tampa, Chattanooga, Palm Bay and Lakeland.
Freddie gauges local and state markets through its Multi-Indicator Market Index (MiMi).
The nation’s MiMi value stands at 85.7, indicating a real estate market that’s on the outer edge of its historic benchmark range of housing activity. Nationwide, the country saw a 1.05% improvement from July to August, and a three-month improvement of 1.22%.
On a year-over-year basis, the nation’s MiMi value improved 5.44 percent. Since its all-time low in October 2010, the national MiMi has rebounded 43%, though it’s still off its high of 121.7.
“The housing market is showing strength across the country, and the South continues to show some the biggest improvements, especially in Florida,” says Freddie Mac Deputy Chief Economist Len Kiefer. “MiMi’s purchase applications indicator is up more than 30 percent in Florida compared to last year.”
MiMi overview
41 out of 50 states plus the District of Columbia have MiMi values within range of their benchmark averages of 100.
80 out of 100 metro areas have MiMi values within range of 100.
The most improving states month over month were Nevada (+2.95%), Florida (+2.14%), Illinois (+1.95%), Washington (+1.91%) and Alabama (+1.90%).
On a year-over-year basis, the most improving states were Florida (+12.13%), Massachusetts (+9.94%), Nevada (+9.94%), Oregon (+9.43%) and Tennessee (+9.39%).
So with us returning to a normal housing market, now may be the opportune time to buy or sell your home. Nick & Cindy Davis have assisted hundreds of clients here in the Tampa Bay and Surrounding Areas. We are always just a call to 813-300-7116 or simply click here and we will be in touch.