Greensboro-High Point, NC Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Greensboro-High Point, NC, 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 HPI covers single-family homes with one to four units and condominiums with one to four units.

As of the fourth quarter of 2019, the HPI for Greensboro-High Point was 176.1, up 5.8 percent from a year earlier. This increase was driven by both home equity and home prices. Home equity is the portion of a property's value that is owned by the homeowner, while home prices are the total value of all properties in an area.

In Greensboro-High Point, home equity increased by an average of 5.4 percent in 2019, while home prices rose by an average of 6.2 percent. The increase in home equity was driven by both rising property values and homeowners paying down their mortgage debt. The increase in home prices was driven primarily by strong demand for housing and limited supply of available homes for sale.

Looking ahead to 2020, we expect both home equity and home prices to continue to rise in Greensboro-High Point as demand for housing remains strong and inventory levels remain tight. We expect home equity to increase by an average of 4 percent and home prices to rise by an average of 5 percent over the course of the year