Hickory-Lenoir-Morganton, NC Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Hickory-Lenoir-Morganton, 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 index covers single-family homes with mortgages owned or securitized by Fannie Mae or Freddie Mac.

As of the fourth quarter of 2019, the HPI for Hickory-Lenoir-Morganton was 176.7, down 0.4 percent from the third quarter and up 1.8 percent from a year earlier. The HPI for North Carolina was 172.3 in the fourth quarter of 2019, down 0.2 percent from the previous quarter and up 2.1 percent from a year earlier (Federal Housing Finance Agency).

Home equity is calculated as the difference between a property's market value and the outstanding balance of all liens on the property; it therefore represents the portion of a property's value that would be realized in a sale after payment of all debts secured by liens against it. In other words, home equity is equal to a property's market value minus any mortgage debt owed against it (Investopedia).

In Hickory-Lenoir-Morganton, NC, as of December 31st, 2019, median home values were $142,100 while median mortgage debt outstanding was $111,700 resulting in home equity of $30,400 or 21% (NeighborhoodScout). Home prices have increased 1.8% over last year while mortgage debt has remained relatively unchanged over that same time period leading to an increase in home equity levels for many homeowners in Hickory-Lenoir-Morganton area during 2019.