Housing market slowly gathering strength
Posted on Friday, October 23, 2015 at 11:07:52 AM
Two U.S. metro districts in Pennsylvania, Scranton and Harrisburg, joined the periphery of stable housing activity this week, presenting more evidence of a slowly strengthening housing market. Freddie Mac's national Multi-Indicator Market Index is now at 81.2, indicative of a market that can be cautiously classified as stable and on the road to recovery.
Freddie Mac released its updated MiMi data in a press release that pointed to an increase of 2.54 percent in the last three months and an increase of 0.27 percent from the period between July and August. From an all-time low five years ago, the national MiMi has improved a respectable 37 percent. According to Freddie Mac's Deputy Chief Economist Len Kiefer, this was "the best year in home sales since 2007." He went on to state that home sales are expected to "remain strong."
Following the U.S. Department of Housing and Urban Development's announcement in September that housing starts increased 6.5 percent on a monthly basis, homebuyers continued to take courage from improving market trends in applying for first-time homebuyers credit and FHA loans. Though the national MiMi has a ways to go before it reaches its all-time high of 121.7, the housing market remains on a real path to sustained stability for the future.