Hanford-Corcoran, CA Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Hanford-Corcoran, CA, Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index measuring average price changes in U.S. single-family homes. The HPI is a widely used tool for analyzing house price trends at the national, state, and metropolitan area levels.

As of December 2020, the HPI for Hanford-Corcoran was 225.3, up 5.4% from December 2019. This means that home prices in the area have increased by an average of 5.4% over the last year. The HPI for California as a whole was 241.7 in December 2020, up 6.2% from the previous year.

The HPI is based on data from Fannie Mae and Freddie Mac's monthly 30-year fixed-rate mortgage purchase applications submitted by borrowers who are not seeking to refinance an existing loan on their home. The data used to calculate the HPI includes information on sales price, loan type, loan purpose, property type (single-family detached or condo/cooperative), and borrower characteristics such as credit score and income level."

In order to be included in the index calculation, a sale must meet several criteria: it must be an arms-length transaction between unrelated parties; it must involve a single-family dwelling that serves as the borrower's primary residence; and it must be financed with a conventional 30-year fixed-rate mortgage."

The most recent data available is from December 2020. In December 2020, there were 438 sales of single family homes in Hanford-Corcoran recorded in the FHFA database."

Of these sales, 64% were for properties that were owner occupied (i.e., primary residences), while 36% were for investment properties or second homes." The median sales price of all single family homes sold in Hanford Corcoran in December 2020 was $265,000." This represents an increase of 5%, or $13000," from the median sales price of $252