Akron, OH Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Akron, OH, Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family properties in the Akron metropolitan area. The index covers the time period from January 2000 to present, and is updated monthly.

The HPI for Akron peaked in June 2006 at 235.9 and then declined steadily over the next two years, reaching a trough of 168.4 in March 2009. Since then, prices have risen modestly, reaching 188.3 in December 2016. The index has remained relatively flat over the past year, with a slight decline of 0.2% from December 2015 to December 2016.

As of December 2016, prices are still down 15% from their peak in 2006 and are currently at about the same level as they were in 2003. Despite this modest recovery from the depths of the housing crisis, prices remain well below their long-term trend line, indicating that there is still significant room for further price appreciation going forward.

The FHFA HPI is based on home sales data from Freddie Mac and Fannie Mae's Single-Family Mortgage Database (SFMD). The SFMD contains information on nearly all conventional first mortgages purchased or securitized by Freddie Mac or Fannie Mae since January 1, 1975. For each property transaction included in the database, Freddie Mac or Fannie Mae collects information on loan characteristics (e.g., loan type and purpose), borrower characteristics (e.g., credit score), property characteristics (e.g., location and type), sale price information (if available), and other data such as foreclosures status