Fresno Housing Market Most Stable in the Nation
According to Freddie Mac’s Multi-Indicator Market Index® (MiMi®), as of August 2015, Fresno CA has the most stable metro housing market in the nation, with a score of 96.8 (100 being a perfect “stable” score). It is followed by Austin, Honolulu, Salt Lake City, and Los Angeles.
Freddie Mac’s MiMi index measures the stability of local housing activity by combining current local market data with Freddie Mac data for all 50 states plus the District of Columbia, the top 100 metros, and the nation. To determine how each market is performing relative to its own long-term stable range, MiMi looks at home purchase applications, payment-to-income ratios (changes in home purchasing power based on house prices, mortgage rates and household income), the proportion of current mortgage payments in each market, and the local employment rate. These four factors are combined to create a MiMi value for each market, with 100 being a perfect “stable” score. If the score is 120 or higher, the housing market is considered elevated, and if the score is below 80, then it is considered a weak market.
Good News for Fresno Home Buyers and Sellers
A stable housing market is good news for not just home owners and sellers in Fresno, it is also good news for the entire economy of the city. When a housing market is stable, it presents opportunities for a larger portion of the population to become homeowners. And with a strong increase in purchase applications over the past 3 months, it is evident that more and more people are looking to buy a home in Fresno.