Alexandria, LA Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Alexandria, LA, Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index that measures average price changes in repeat sales or refinancings on the same properties. The index covers single-family homes and condominiums. The HPI value for any given quarter is the weighted average of sales prices for all homes in the market during that quarter.

The HPI began in 1975 and covers select MSAs (Metropolitan Statistical Areas) and states. The FHFA HPI covers all nine census divisions and includes both metropolitan areas (MAs) and nonmetropolitan areas (NMAs). In addition to the U.S., the FHFA HPI also covers Puerto Rico. Data are available from Q1 1975 to present.

The Alexandria MSA consists of Rapides Parish, Louisiana. As of 2019 Q3, the FHFA House Price Index for Alexandria was 188.066, up from 187.893 in 2018 Q3 and 176.725 in 2017 Q3 . From 2000 Q1 to 2019 Q3 , house prices in Alexandria have increased an average of 4 percent per year while incomes have grown an average of 2 percent per year over the same period . However , since 2007Q2 peak , house prices have fallen an cumulative 11 percent through 2019Q2 while incomes have continued to grow at about 2 percent annually . Despite this recent decrease , home equity levels remain high as most homeowners with a mortgage still have positive equity . In 2019Q2 , 78 percent of homeowners with a mortgage had positive equity compared to just 50 percent during 2011Q4 .

In general, home prices are rising across much of the US as strong economic growth continues . However , there are some concerns that this trend may not be sustainable as interest rates rise and affordability becomes more difficult . Additionally , there is evidence that many people are choosing to rent rather than buy homes which could put downward pressure on prices going forward .