Beckley, WV Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Beckley, WV, 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 nationwide and offers a more timely and comprehensive measure of house price trends than other published indices.

In Beckley, WV, the FHFA HPI for August 2019 was 176.4, down 0.2% from July 2019 and up 2.0% from August 2018. On a year-over-year basis, home prices in Beckley have increased for 64 consecutive months. The last time home prices in the city declined on a year-over-year basis was April 2013 (-0.1%).

As of August 2019, the average U.S. home was worth $248,000, which is 4.5% higher than it was one year ago and 36% higher than its pre-recession peak value of $182,000 reached in April 2007. In Beckley, the average home value was $131,700 in August 2019—up 2% from one year ago but still 21% below its pre-recession peak value of $167,200 reached in May 2006.

The gap between national home values and those in Beckley has been slowly narrowing since early 2016 but remains significant at nearly $117,000 as of August 2019 ($131,700 vs.$248,000). Home values nationally are now just 3% below their all-time high while those in Beckley are 21% below their previous peak—a difference of 18 percentage points.. Despite this gap remaining wide by historical standards—and with affordability challenges continuing to exist for many would-be buyers—the overall trend continues to be one where both national and local home values are moving higher