Corvallis, OR Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Corvallis, OR, Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family houses in the metropolitan statistical area (MSA). The HPI value for any given quarter is equal to 100 if the average price of homes sold during that quarter was equal to the price of homes sold during the base period. A value greater than 100 indicates that prices have increased since the base period while a value less than 100 indicates that prices have decreased since the base period.

As of Q4 2017, the FHFA HPI for Corvallis was 176.3, meaning that home prices in Corvallis have increased 76.3% since Q1 1991 when the HPI was set at its base level of 100.0. Home prices in Corvallis peaked in Q2 2007 at a value of 213.6 before falling during the housing market crash and bottoming out in Q1 2012 at a value of 131.7. Since then, home prices in Corvallis have been on an upward trend, reaching 176.3 in Q4 2017.

The FHFA HPI is based on data from Freddie Mac and Fannie Mae's Home Purchase Contracts and Loan Application Registers (LARs). The HPI values are calculated using a weighted repeat-sales method which compares sales pairs for properties with similar characteristics over time and weights them according to when they occurred relative to other sales pairs within each MSA/state/division/region/nation as well as by property type (e.g., single-family detached vs. condo). This methodology controls for changes in composition by holding constant such things as location, type of dwelling, and characteristics like square footage and number of bedrooms and bathrooms