Farmington, NM Federal Housing Finance Agency Home Price Index (FHFA HPI)

Home equity is the difference between the market value of a homeowner's property and the balance of their mortgage. In Farmington, NM, home prices have increased steadily over the past few years. According to the Federal Housing Finance Agency house price index, the median home price in Farmington was $176,000 in 2017, up from $170,000 in 2016. This increase in home prices has led to an increase in home equity for many homeowners in Farmington.

As home prices continue to rise, more and more homeowners are building equity in their homes. This equity can be used for a variety of purposes, including home improvements, investment opportunities, and emergency funds. Home equity can also be used to finance a second home or investment property.

For many people, their home is their most valuable asset. As such, it is important to monitor the value of your home and your equity position. Home values can fluctuate, so it is important to keep an eye on the market and be aware of any changes in your home's value. If you have a lot of equity in your home, you may be able to refinance your mortgage and get a lower interest rate.

If you are considering selling your home, it is important to consult with a real estate agent to get an accurate estimate of your home's value. In Farmington, NM, home prices have been rising steadily, so if you are thinking about selling, you may be able to get a good price for your home.