Evansville, IN-KY Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Evansville, IN-KY, 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 index covers the time period from January 2000 to the present, and is updated monthly. The HPI is a valuable tool for tracking house price trends at the regional level.

The Evansville MSA includes Vanderburgh, Warrick, and Posey counties in Indiana, and Henderson and Union counties in Kentucky. The FHFA HPI for the Evansville MSA was 154.1 in January 2000 and peaked at 227.8 in June 2006. Since then, it has declined steadily to its current level of 159.3 (as of January 2019). This represents a decline of approximately 28% from the peak.

There are several factors that have contributed to the decline in home prices in the Evansville MSA. First, there has been a decrease in demand for housing due to population loss and outmigration from the region. Second, there has been an increase in foreclosures and short sales, which has put downward pressure on prices. Third, lending standards have tightened significantly since the housing market crash of 2008, making it more difficult for potential buyers to obtain financing. Lastly, property taxes have increased significantly over this time period as well.

Despite these challenges, there are also some positive trends taking place that could lead to a rebound in home prices in the future. First, job growth has been positive over the past few years as several new employers have moved into or expanded their operations within Vanderburgh County. Second, population growth has begun to turn positive again as people are moving back into urban areas like Evansville after many years of suburban flight . Third , interest rates remain at historically low levels , making now a good time to buy for those who can qualify for a loan . Lastly , there is still strong demand for housing from retirees and baby boomers who are downsizing or looking for a second home . All of these factors could lead to an increase in prices going forward .