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

The Glens Falls, 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 nationwide and was created in response to the need for a more timely and comprehensive measure of house prices than those that existed at the time.

As of December 2020, the HPI for Glens Falls was 167.04, up from 166.92 in November 2020 and 158.01 in December 2019. This represents an annualized increase of 5.52%.

There are several reasons why home equity and home prices have increased in recent years. One reason is that interest rates have remained low by historical standards, making it cheaper to borrow money to buy a home. Additionally, the U.S. economy has been growing steadily since 2009, which has led to more people having jobs and incomes high enough to afford a home purchase or refinance. Finally, there has been relatively little new construction of homes over the past few years, which has helped to limit supply and put upward pressure on prices.