Atlantic City-Hammonton, NJ Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Atlantic City-Hammonton, NJ, 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 United States. The HPI is a broad measure of the movement of single-family house prices and covers both new and existing homes.

The HPI value for Atlantic City-Hammonton was 176.912 in 2020Q1. This value means that home prices in the area increased by an average of 76.9% from 2000Q1 to 2020Q1. Home prices in Atlantic City-Hammonton have been on the rise since bottoming out in 2012Q2, when the HPI was just 98.856. However, despite this recent growth, home prices are still well below their pre-recession peak of 247.285 reached in 2006Q3.

There are several factors driving the increase in home prices in Atlantic City-Hammonton. One is population growth; as more people move to the area, there is more demand for housing, which drives up prices. Another factor is low interest rates; with rates remaining near historic lows, more people can afford to buy a home, further increasing demand and pushing prices upward. Additionally, limited supply has also played a role; as new construction has not kept pace with population growth, there are simply not enough homes available for sale to meet demand, resulting in higher prices.

Looking ahead, it is unclear how long the current trends will continue. Population growth may slow due to COVID-19 related economic uncertainty and job loss; if this happens, it could put downward pressure on home prices as fewer people are looking to buy homes. Additionally, while interest rates remain low at present, they are expected to begin rising again over the next few years as the economy continues to recover; this could also lead to slower price growth or even modest price declines as buyers are less able/willing to pay high prices when borrowing costs increase