Elkhart-Goshen, IN Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Elkhart-Goshen, IN, 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 index covers single-family homes and condominiums.

Elkhart-Goshen's HPI value for 2019Q4 was 184.766, up 1.1% from the previous quarter and up 5.2% from one year ago. Home prices in Elkhart-Goshen have increased at a moderate pace over the past year, with quarterly gains averaging around 1%.

Looking at home equity, homeowners in Elkhart-Goshen have seen their equity increase by an average of $5,400 over the past year, to a total of $61,200. This is an increase of 9.6% from 2018Q4 and represents an increase of nearly 60% since 2016Q1 – when home values were still recovering from the housing market crash.

Overall, both home prices and home equity are up in Elkhart-Goshen from last year, although growth has moderated somewhat from the rapid increases seen earlier in this cycle. With interest rates remaining low and job growth continuing to be strong in the region, we expect to see continued modest gains in both home prices and equity levels over the coming months.