On June 24, Freddie Mac released its Multi-Indicator Market Index (MiMi) showing which housing markets were the strongest and most stable as the result of home sales this spring.
Although the numbers for April may indicate a weak housing market, with a score of just 78.7, the index improved from March with a jump of 0.14% and increased by 2.10% over the past three months.
The all-time highest score for the index was 121.7, but today it is nowhere near its lowest point of about 35, where it was in October 2010.
While markets around the country can fluctuate from month to month or year to year, several stood out as the top cities for buying a home.
Orlando was named the metro area showing the most improvement on a year-over-year basis, with a 12.6% increase in home sales. Following Orlando were several other cities in Florida, including Palm Bay (+12.14%), Miami (+11.97%) and Cape Coral (+10.73%), with Las Vegas, NV rounding out the Top 5 with an 11.54% increase.
Florida was also listed on the MiMi as the most improved state, with a 10.89% increase since last year.
The Florida Realtors organization also released data for May this week, showing that while sales have increased, the inventory for housing is still tight.
But since May 2014, the state overall has seen an increase in sales for existing single-family homes statewide, totaling 24,789 for the month of May and up 7.7% over last May.
Many Floridians are also opting to build new single-family homes in master planned communities or to work with home builders to create new constructions. Around 45% of Americans surveyed take school boundaries into account, which could influence the types of homes they choose, whether they’re new or resales.
Realtors in Florida also report seeing the median for housing prices rise, and both single-family homes and condos are spending fewer days on the market, meaning that buyers have to act fast. The days on the market for existing single-family homes in May was 49 days, down 9.3% from a year prior; for townhouses, the decrease from last year was 5.5% to 52 days on the market.
But the inventory just isn’t meeting buyer demand, according to Florida Realtors president Andrew Barbar. That means that home prices will go up, he said, yet that doesn’t deter buyers from putting in offers, making it a true seller’s market this spring.