Anniston-Oxford, AL Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Anniston-Oxford, AL, 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 a particular geographic area is the average of all HPI values for individual properties located within that area.

The FHFA HPI is constructed using data from home sales transactions and refinance mortgages purchased or securitized by Fannie Mae and Freddie Mac. Data on home sales prices are obtained from public records, while mortgage data are obtained from loan tapes submitted to Fannie Mae and Freddie Mac. To be included in the index, a property must have at least two arms-length sales transactions in the past five years; one of these transactions must have occurred in the last 12 months. In addition, the property must be financed with a conventional first mortgage.

As of December 2020, the Anniston-Oxford metropolitan statistical area (MSA) had an HPI value of 163.4, which was 1% higher than its value of 161.7 in December 2019. This increase represents an acceleration from the 0.6% year-over-year increase seen in December 2019 and marks the fourth consecutive month of positive year-over-year growth for this MSA's HPI value. The Anniston-Oxford MSA's five-year house price appreciation rate was 11%, while its 10-year rate was 14%.

Looking at home equity data for homeowners with a mortgage in the Anniston-Oxford MSA, we see that as of September 2020 (the latest data available), these homeowners had an average equity stake of 52%. This figure has been steadily rising since hitting a low point of 40% in 2012; it peaked at 56% in September 2019 before dipping slightly to its current level. Given that home prices have continued to rise over this time period (albeit at a slower pace than earlier this decade), it stands to reason that equity levels have also increased for most homeowners in this MSA.