Low mortgage rates and moderating home price growth made December the fourth consecutive month to feature improved market stability, according to a report by Freddie Mac.
Freddie Mac’s Multi-Indicator Market Index rose 0.37% in December to 74.9. While this figure still shows a weak housing market overall, the month-to-month increase is because maintain favorable payment-to-income ratios for typical families.
Continued rising stability could be stymied, however, by weakness in oil and natural gas prices. Some markets with deep ties to energy saw deterioration from November to December, Freddie Mac deputy chief economist Len Kiefer noted in a press release Wednesday.
Nevertheless, 16 states and the District of Columbia presented stable values according to Freddie’s MiMi index, including North Dakota and Montana.