Bremerton-Silverdale-Port Orchard, WA Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Bremerton-Silverdale-Port Orchard, WA, Federal Housing Finance Agency (FHFA) house price index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family houses in the area. The HPI is a widely used tool for analyzing house prices and their trends at the national, regional, and local levels.

As of September 2020, the HPI for Bremerton-Silverdale-Port Orchard was 252.44, up 5.4% from a year earlier. This means that home prices in the area have increased at a faster rate than the national average over the past year.

There are several factors driving the strong housing market in Bremerton-Silverdale-Port Orchard. The area has seen strong job growth in recent years, thanks to its proximity to Seattle and Tacoma. The region's economy is also diversified, with a mix of industries including healthcare, technology, and manufacturing. This has helped to insulate the area from some of the economic downturns experienced by other parts of the country.

Another factor driving demand for housing in Bremerton-Silverdale-Port Orchard is the low interest rate environment. Mortgage rates are currently near historic lows, making it an attractive time to buy a home or refinance an existing mortgage. This has helped to fuel competition for homes in the area, driving prices upward.

Looking ahead, it is expected that home prices will continue to rise in Bremerton-Silverdale-Port Orchard as demand remains strong. However, there is potential for interest rates to rise over time which could temper price growth somewhat. Overall though, it seems likely that this will remain one of Washington's hottest housing markets in the coming years.