Florence, SC Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Florence, SC, 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. The HPI value for a particular geographic area is the weighted sum of the indices for all counties in that area.

The HPI is based on data from Fannie Mae and Freddie Mac's mortgage portfolios and other information sources. The HPI began in January 1975 with a base value of 100.0 and currently covers about 85 percent of the U.S. population through more than 380 metropolitan statistical areas (MSAs).

In general, home prices are rising across the United States as the economy continues to strengthen. However, there are still pockets of weakness in certain areas, such as Florence, SC. According to the FHFA HPI, home prices in Florence have declined by 0.8% over the past year (from December 2016 to December 2017). This is compared to a national average increase of 5.6% over the same time period.

There are several factors that could be contributing to this weak housing market in Florence:

-The unemployment rate in Florence is currently 6%, which is higher than both the state average of 4% and the national average of 4.1%. A weak job market can lead to fewer people buying homes or being able to afford mortgages payments.

-Florence is also located in an area that was hit hard by Hurricane Matthew in October 2016 causing significant damage to many homes and businesses throughout South Carolina . It may take some time for homeowners to fully repair/rebuild their properties and for insurance claims/relief funds to be dispersed before people feel confident enought o purchase a home again in this area .

- In addition , foreclosures can also have a negative impact on home prices as they often sell below market value , which can drag down surrounding property values . According