Housing index shows improving S. Florida market

The Freddie Mac index measures factors including affordability and area employment

TRD MIAMI /
Sep.September 26, 2015 04:00 PM

The South Florida housing market continued an improving trend in July, according to an index produced by Freddie Mac mortgage company.

Freddie Mac’s Multi-Indicator Market Index gave a July score of 87.3 to the tri-county area of Miami-Dade, Broward and Palm Beach counties, up from 73.3 a year earlier.

The index is applied to metropolitan areas nationwide and it produces a composite measure of mortgage originations and delinquencies, housing affordability and employment. A score of 80 or higher indicates a stable or favorable market. A perfect score would be 100.

Fresno, California, was the top U.S. housing market with an August score of 98.9, and Austin, Texas, was second-ranked at 96.4.

Among eight metro areas in Florida that Freddie Mac surveyed in July, only South Florida and Cape Coral got scores above 80. But other Florida housing markets are rebounding.

“Florida has some of the most improving housing markets in the country, largely a reflection of more borrowers becoming current on their mortgage payments as the local employment picture improves and housing prices rebound,” Len Kiefer,deputy chief economist of Freddie Mac, said in a statement.

Mike Larson, who analyzes housing markets for Weiss Research told the Sun-Sentinel that “subdued wage growth” might slow the South Florida market but “there’s nothing incredibly troubling out there on the horizon.” [Sun-Sentinel] — Mike Seemuth


Related Articles

arrow_forward_ios
Gov. DeSantis (Credit: Joe Raedle/Getty Images)

Drink up: Bars can reopen Monday in the Florida Keys — but not in rest of South Florida

Drink up: Bars can reopen Monday in the Florida Keys — but not in rest of South Florida
Rendering of Belmont Village Coral Gables and Baptist Health South Florida CEO Brian L. Keeley

Baptist, Belmont gain approval for luxury senior living in Coral Gables

Baptist, Belmont gain approval for luxury senior living in Coral Gables
Cusano’s Italian Bakery at 6806-6814 North State Road 7 (Credit: Google Maps)

Cusano’s Italian Bakery buys out landlord for $14M

Cusano’s Italian Bakery buys out landlord for $14M
Beth Butler of Compass, 101 Renaissance Centre (Credit: Google Maps)

Compass plans to open new office in downtown Boca Raton

Compass plans to open new office in downtown Boca Raton
Daily Digest Miami

Related is heading to the river, Soffer eyes Fontainebleau Miami Beach expansion: Daily digest

Related is heading to the river, Soffer eyes Fontainebleau Miami Beach expansion: Daily digest
Donald Horton, chairman of D.R. Horton

Homebuilder DR Horton pays $12M for 25 acres in Florida City

Homebuilder DR Horton pays $12M for 25 acres in Florida City
Fannie Mae CEO Hugh R. Frater, and Freddie Mac CEO Donald H. Layton

Fannie Mae and Freddie Mac financing riskier mortgages to indebted homeowners

Fannie Mae and Freddie Mac financing riskier mortgages to indebted homeowners
Home buyers in front of a house (Credit: iStock)

Lenders opening doors to a wider swath of home buyers

Lenders opening doors to a wider swath of home buyers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...