Champaign-Urbana, IL Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Federal Housing Finance Agency (FHFA) house price index for Champaign-Urbana, IL, was released on March 31, 2016. The index showed that home prices in the Champaign-Urbana area increased by 0.8% from the previous quarter and by 2.4% from the same quarter a year ago. This is the fourth consecutive quarter of positive annual growth in home prices in Champaign-Urbana.

The FHFA house price index is based on sales prices of single-family homes with conforming loan amounts that are owned by Fannie Mae or Freddie Mac. The data used to calculate the index comes from public records and is adjusted for seasonal variation and inflation.

According to the National Association of Realtors (NAR), the median sales price for existing homes in Illinois was $172,500 in February 2016, which is a 4.7% increase from February 2015 ($164,700). In Champaign County, the median sales price for existing homes was $161,000 in February 2016, which is a 5.1% increase from February 2015 ($153,300). In Urbana, the median sales price for existing homes was $155,000 in February 2016, which is a 3.2% increase from February 2015 ($149,900).

The NAR also reports that the number of existing home sales in Illinois decreased by 6.3% in February 2016 compared to February 2015. However, this decrease follows two consecutive months of increases (January 2016: +5.7%; December 2015: +10%). In Champaign County, existing home sales decreased by 7.9% in February 2016 compared to February 2015; while in Urbana they decreased by 2%.