Raleigh’s “Weak and Declining” Real Estate Market
Wake County Real Estate Market Update June 2014
Second to Fannie Mae, the nation’s largest purchaser of mortgage backed securities is where you will find Freddie Mac. Each month Freddie publishes a variety of insightful industry reports. One of those reports is called the Freddie Mac Multi-Indicator Market IndexSM (MiMiSM). In this report various data points are weighted to determine the health, both current and trending of 50 major US real estate markets.
This month Freddie Mac described the Raleigh housing market in May as ‘weak and declining’.
According to the report, Raleigh’s MiMi score of -3.44 for May is below North Carolina’s market index of -2.91, a score categorized as “weak and flat” because, as opposed to Raleigh North Carolina’s score only moved a fraction of a point from three months ago. But it is important to note that although it is weak, it is still 1.95 points above its all-time low of -5.39 reached in November 2011.
But like all real estate professionals, I know that all real estate is local. That’s why I take my data from my local board of realtors who do an excellent job of producing and assembling the data for its Real Estate Market Trends for Wake, Orange, Johnston and Durham Counties.
As a self-professed data geek, I eagerly look forward to its publication each month for the prior month because the reports contain invaluable market data.