Colorado Springs, CO Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Colorado Springs, CO, Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family houses with mortgages backed by Fannie Mae or Freddie Mac.

The HPI value for a particular geographic area is the average of transaction prices for single-family properties in that area during a given period. The HPI covers all nine U.S. Census divisions and includes data on metropolitan areas with populations of at least 200,000 people.

As of December 2020, the Colorado Springs HPI was up 7.2% from December 2019 and up 46% from its pre-recession peak in June 2006.

Home equity is the portion of a property's value that is owned outright by the homeowner. Home prices are determined by many factors including location, amenities, square footage, age of home, and more. In general, as home prices increase so does home equity because homeowners are building more equity as they pay down their mortgage balance. However, there can be wide variation in how much home equity homeowners have depending on when they purchased their property and how much they still owe on their mortgage loan.

In Colorado Springs specifically, home prices have been rising steadily for several years and are now at or near all-time highs. This has led to strong growth in home equity for many homeowners as their properties have increased in value faster than their mortgage balance has been paid down. As of December 2020, the median sale price of a single-family home in Colorado Springs was $430,000 which was up 11% from December 2019 and up 47% from the pre-recession peak in June 2006.

The combination of rising home prices and strong growth in home equity has made Colorado Springs an attractive market for both buyers and sellers alike. Buyers are attracted to the market because they believe there is good potential for future price appreciation while sellers are motivated by high levels of equity that they can use to purchase another property or invest elsewhere