Albany, GA Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Albany, GA, Federal Housing Finance Agency (FHFA) house price index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family houses with mortgages backed by Fannie Mae or Freddie Mac. The HPI value for Albany is currently at 125.4, which means that home prices in the area have increased by 25.4% since January 2005. This increase in home prices has been driven largely by increases in home equity.

Home equity is the portion of a property's value that is owned outright by the homeowner. It can be used as collateral for loans or lines of credit, and it increases the owner's net worth and potential borrowing power. In Albany, GA, the median home equity was $21,600 in 2016, up from $16,100 in 2015 – an increase of 33%. This increase in home equity has helped to drive up home prices in the area as homeowners have been able to use their increased equity to finance renovations or purchase new homes.

The HPI is just one measure of house prices – other measures include median sale price and average sale price. The median sale price of a home in Albany was $144,000 in 2016, up from $139,000 in 2015 – an increase of 3%. The average sale price was $153,000 in 2016 compared to $149,900 in 2015 – an increase of 2%. These smaller increases show that not all homes are seeing equally large gains in value – some properties are increasing at a faster pace than others.

Albany's housing market has been strong over the past few years thanks to low interest rates and rising home equity levels. However, there are some concerns that the market may be starting to cool off as interest rates begin to rise and inventory levels remain relatively low. Only time will tell how these factors will impact house prices going forward but for now it appears that Albany's housing market remains healthy overall.