Cleveland-Elyria, OH Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Cleveland-Elyria, OH, 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 HPI covers single-family properties that have been sold at least twice since January 1975.

As of the end of 2019, the FHFA HPI for the Cleveland-Elyria, OH metro area was 176.4, down slightly from its peak of 178.1 in December 2017. However, this is still up significantly from its low point of 121.7 in May 2009.

Home equity is the portion of a home's value that is owned outright by the homeowner. It can be used as collateral for a loan or line of credit, and it increases in value as the property appreciates.

In general, home prices have been rising steadily in recent years, but there has been some regional variation. In particular, prices in the Cleveland-Elyria metro area have not recovered as quickly as those in other parts of Ohio and the country as a whole. This is likely due to a combination of factors including population loss, declining manufacturing jobs, and high levels of foreclosures during and after the Great Recession.

Despite these challenges, there are signs that the housing market in Cleveland-Elyria is starting to rebound. Home sales have increased for four consecutive years , and prices have begun to rise again . The FHFA HPI is one indication of this trend , and it shows that home values in the metro area are slowly but surely beginning to recover .