Elmira, NY Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Elmira, NY, 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 with one to four units and condominiums. The HPI value for a particular geographic area is the weighted sum of transaction prices on properties located within that area, divided by the number of transactions.

Elmira's HPI value increased by 1.3% from the first quarter of 2019 to the first quarter of 2020. This increase was driven by increases in both home equity and home prices. Home equity is the portion of a property's value that is owned by the homeowner, rather than being owed to a lender. Home prices are the amount paid for a property, including any money borrowed through a mortgage or other loan.

Between the first quarters of 2019 and 2020, home equity in Elmira increased by $1,435 on average per property. This increase was driven primarily by an increase in home prices; on average, homes in Elmira increased in value by $2,791 over this time period. While this increase in home prices contributed to an increase in homeowners' equity positions, it also meant that those who were looking to purchase a home had to contend with higher prices.