Grants Pass, OR Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Grants Pass, OR, 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 was created in order to be a more accurate measure of house price changes than other commonly used indices because it uses data on actual transactions rather than appraisals.

The FHFA HPI for Grants Pass, OR was 154.8 in December 2020, up 0.1% from November and up 7.2% from December 2019. This is the sixth consecutive month of positive annual growth for the city. Home prices have been rising steadily in Grants Pass since bottoming out in 2011 and are now just 4% below their pre-recession peak.

The strong housing market in Grants Pass is being driven by a number of factors, including low mortgage rates, population growth, and limited supply of homes for sale relative to demand from buyers. The median sales price of homes in Grants Pass has risen sharply over the past year, reaching $325,000 in December 2020 – an all-time high for the city and up nearly 14% from December 2019 ($285,000).

With home prices continuing to rise and interest rates remaining at historically low levels, many homeowners are considering tapping into their home equity through a cash-out refinance or home equity loan/line of credit (HELOC). According to Black Knight’s Mortgage Monitor report for November 2020, there were nearly 2 million first-lien mortgages eligible for cash-out refinance – representing an increase of 27% from November 2019 and the highest level since 2005 (pre-recession).

For those looking to buy a home in Grants Pass or refinance their existing mortgage loan, now is an excellent time to do so while mortgage rates remain near record lows. According to Freddie Mac’s Primary Mortgage Market Survey®, the average 30-year fixed rate mortgage rate was 2.67% as of February 4th 2021 – down from 3.31% at this time last year and just slightly above the all-time low of 2.65% set back in early January 2021