Columbia, SC Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Columbia, SC, 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.

The FHFA HPI for Columbia, SC was 154.039 in September 2020, up 0.964% from August 2020 and up 5.853% from September 2019.

Home equity is the portion of a home's value that is owned outright by the homeowner rather than being financed through a mortgage or other loan products. Home prices are constantly in flux due to numerous factors such as job security, inflation, market saturation, interest rates, and more. As such, home equity can rise or fall depending on these conditions.

In recent years, home prices in Columbia have been on the rise due to strong economic conditions and population growth. This has led to an increase in home equity for many homeowners in the area. However, with interest rates currently at historically low levels, some homeowners may be tempted to cash out their equity through refinancing or taking out a home equity loan/line of credit (HELOC). While this can provide some financial relief in the short term, it can also put homeowners at risk if home prices were to suddenly drop – as they would then owe more money than their home is worth (a condition known as being "underwater" on your mortgage).