Cleveland, TN Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Cleveland, TN, Federal Housing Finance Agency (FHFA) house price index (HPI) is a weighted, repeat-sales index measuring average price changes in repeat sales or refinancings on the same properties. The HPI covers single-family detached homes and condominiums. The HPI is published monthly and quarterly, and annual data are available back to 1975.

In the fourth quarter of 2020, the FHFA House Price Index for Cleveland, TN was 176.48. This means that home prices in Cleveland have increased by 76.48% since 1975. Home prices in Cleveland peaked in 2006 at an index value of 226.73 before falling during the housing market crash of 2007-2008. Prices then began to rebound in 2009 and have been steadily increasing since then.

The FHFA HPI is calculated using data from Freddie Mac's Primary Mortgage Market Survey® (PMMS®), which covers approximately 75 percent of U.S. mortgage transactions each month including purchases and refinances on both conforming and non-conforming loans."

According to the FHFA, "the house price indexes are designed to provide information about residential housing price trends at the national, state, metropolitan area, and county levels." The HPI is a weighted average of transaction prices for single-family properties with mortgages that have been sold or refinanced multiple times over the years." In order to be included in the index calculation,"properties must have had at least two sales or refinancings between January 1, 1975 – present."

The FHFA publishes both a monthly house price index as well as a quarterly version which includes more detailed information such as median home prices, average home prices, number of homes sold, etc."