Erie, PA Federal Housing Finance Agency Home Price Index (FHFA HPI)

Erie, PA is located in the northwest corner of the state. It is the fourth largest city in Pennsylvania with a population of 101,786 people. The cost of living in Erie is relatively low, and the median home value is $103,200. The city has a strong manufacturing base, and its largest employers include General Electric and Erie Insurance Group.

The Federal Housing Finance Agency (FHFA) house price index for Erie was 100.8 in the first quarter of 2019, up 0.4% from the previous quarter and up 2% from a year ago. This is the sixth consecutive quarter of positive year-over-year growth for Erie's housing market. Home prices have now recovered to their pre-recession levels, although they remain below their peak levels from 2005-2006.

Erie's housing market has been helped by strong economic growth in recent years. The unemployment rate fell to 4% in 2018, down from 6% in 2016. Wages have also been rising steadily, which has helped to support home prices. The combination of low mortgage rates and rising incomes has made buying a home more affordable for many families in Erie.

The FHFA house price index covers single-family homes only; it does not include condominiums or co-ops. In addition, it only includes homes that have sold through conventional channels; it does not include sales of foreclosed homes or short sales (where the sale price is less than the outstanding mortgage balance).