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Austin Housing Market Ranks 2nd Most Stable in America

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Among the top 100 metros, Austin ranks 2nd for the month of September, unchanged from last month and increasing 1 spot from a year ago, on Freddie Mac’s Multi-Indicator Market Index® (MiMi®). Austin’s MiMi value is in range and improving increasing 2.4% over last 3 months and 10.18% over last year.
Graph of Austin Real Estate Market Trends - Freddie Mac Multi-Indicator Market Index

Freddie Mac’s Multi-Indicator Market Index® (MIMI®) monthly report measures the stable housing activity of the top 100 metros in the U.S. The report generates its rankings based on the average of 4 factors including Purchase Applications, Payment-to-Income, Current on Mortgage and Employment. The most stable markets are those with MiMi values closest to 100 on the MiMi scale. The MiMi index uses benchmarks for each local market and shows the difference of the indicator to the most historical averages.

What are the 4 Indicators that Freddie Mac Uses to Determine Housing Market Stability?

  • Purchase Applications – measures home purchase applications relative to the single-family housing stock in that market; data provided by Freddie Mac
  • Payment-to-Income – measures payments on 30-year fixed-rate mortgages relative to homebuyers’ income; data from MLS data sources and 2,000 mortgage lenders
  • Current on Mortgage – measures proportion of borrowers that are current on their mortgage payments; delinquency data provided by CoreLogic®
  • Employment – measures the proportion of local employment data provided by the Bureau of Labor Statistics

Top 5 Most Stable Housing Markets in the U.S. and their MiMi Values as of September 2015

  1. Fresno – 100.2
  2. Austin – 97.4
  3. Honolulu – 95.6
  4. Salt Lake City – 94.5
  5. Los Angeles – 94.3

Austin’s MiMi Index Value

Austin’s MiMi composite index value is 97.4 points. Compared to its historical averages, Austin is “in range” and “improving” which means that the fundamentals for a stable housing market are in balance.

Graph of Austin Real Estate Market Trends - Freddie Mac Multi-Indicator Market Index
  • Purchase Applications – 72.9
    Austin’s proportion of home mortgage applications relative to housing stock is under 80 which means that it is weak but has dramatically increased 30% since last year showing the most signs of improvement.
  • Payment-to-Income – 107.2
    Austin’s cost of mortgage payments relative to homebuyer’s income is in range increasing 6.55% since last year which means that home prices are increasing.
  • Current on Mortgage – 100.6
    Austin’s proportion of mortgages that are non seriously delinquent is in range increasing 3.6% since last year which means that more Austin households are paying their mortgages on time compared to historical average.
  • Employment – 109
    Austin’s employment rate is in range increasing 9.33% from 1 year ago.

The MiMi value for the state of Texas is also “in range” and “improving.” Of the 50 states, it ranks 9th on Freddie Mac’s Multi-Indicator Market Index. Click here to see Freddie Mac’s full report of the top 100 metros compared to the U.S. housing market.

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