Chico, CA Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Chico, CA, 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.

Chico is located in Northern California about 90 miles north of Sacramento. The city has a population of about 93,000 and is the county seat of Butte County. Chico is home to California State University, Chico and Bidwell Park, one of the largest municipal parks in the country.

The FHFA HPI for Chico was 176.1 in December 2020, up 0.8% from November and up 11.2% from December 2019. This was the fourth consecutive month of positive year-over-year growth and the largest annual increase since August 2013 when the index was up 12.4%.

Home prices in Chico have been rising steadily over the past few years as demand for housing has increased while supply has remained relatively tight. The median sales price for a home in Chico was $420,000 in 2020, up from $395,000 in 2019 and $370,000 in 2018. The median price for a condo was $325,000 in 2020, up from $305,000 in 2019 and $285,000 in 2018.

The rise in home prices has been driven by strong economic growth in California as well as low mortgage rates which have made buying a home more affordable for many people. In addition, there has been an influx of people moving to California from other states due to its favorable climate and strong job market which has further increased demand for housing across the state including in Chico .