Auburn-Opelika, AL Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Auburn-Opelika, 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 quarter is the weighted average of indices for all MSAs/MAs in the state where the property is located.

The FHFA HPI values are derived from sales price information from Fannie Mae and Freddie Mac's mortgage portfolios and other transaction data sources. Data on transactions in each portfolio are matched to corresponding home price indexes (based on county, MSA/MA, census tract, and other characteristics), yielding an estimate of the change in prices for similar properties over time. Weights are applied to transactions in each portfolio so that they represent all U.S. home sales; these weights are updated quarterly based on new data from the Census Bureau's Survey of Income and Program Participation (SIPP).

In general, increases in the FHFA HPI indicate appreciation in house prices while decreases indicate depreciation. The rate of appreciation or depreciation may be influenced by a number of factors including local market conditions, inflationary pressures, changes in interest rates, employment trends, consumer confidence levels, etc.