Though parts of the country are still struggling to return to benchmark levels, many of the housing markets across the U.S. showed signs of improvement in February, according to Freddie Mac's Multi-Indicator Market Index.
The national
In February, 35 out of the 50 states and the District of Columbia reported index values within the range of their benchmark averages, with Michigan notably returning to its benchmark level. Tennessee showed the most pronounced growth from January at 1.93%, while Colorado and Florida both recorded year-over-year increases in excess of 15%.
Overall, 36 out of the 50 states showed a three-month improving trend versus 21 states last year.
Of the 100 metro areas also studied, 59 showed values in the benchmark range. The most improved metro area from January was Youngstown, Ohio, which reported a 3.55% jump. Compared with last year, Orlando, Fla., had the biggest gain of any metro area with a 19.88% increase, followed by Denver (19.01%) and Tampa, Fla. (18.36%).
Freddie Mac deputy chief economist Len Kiefer estimated that the U.S. housing market will have its best year in a decade.
"The trends are nearly all positive," Kiefer said in a news release Tuesday. "Lower rates are helping to support homebuyer affordability across the country, for the moment outweighing the impact of higher house prices."
