Grand Forks, ND-MN Federal Housing Finance Agency Home Price Index (FHFA HPI)

In the fourth quarter of 2019, the Grand Forks, ND-MN, Federal Housing Finance Agency (FHFA) house price index (HPI) was 154.8. This is a 0.4 percent increase from the third quarter of 2019 and a 4.0 percent increase from the fourth quarter of 2018. The HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties.

The FHFA HPI covers single-family houses; townhomes and condominiums are excluded. In order to be included in the index, a property must have had at least two arms-length sales transactions take place within its specific market segment between January 1975 and the present date.

As of 2019 Q4, there were approximately 47 million properties with sufficient data for inclusion in the FHFA HPI database nationwide. Of these 47 million properties, approximately 2,200 are located within the Grand Forks metro area covered by this index report.

The table below shows how home prices have changed in Grand Forks since 1975:

Grand Forks Home Prices

Quarter Index Value Percent Change from Previous Quarter Percent Change from Same Quarter Last Year

2019 Q4 154.8 0.4% 4%

2019 Q3 153.9 1% 3%

2019 Q2 152 -0.1% 2%

... ... ... ... ...

2009 Q1* (trough) 100.7 N/A N/A

*Note: The most recent peak was in 2006 Q3; therefore 2009 Q1 represents the trough