Homosassa Springs, FL Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Homosassa Springs, FL, 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 to provide a more timely and accurate measure of house price trends than other existing indices because it uses data on transactions that have actually closed rather than data on contracts that have been signed.

The HPI is based on data from Fannie Mae and Freddie Mac's automated underwriting systems, which cover about 80 percent of the U.S. mortgage market. The HPI covers single-family properties with mortgages owned or securitized by Fannie Mae or Freddie Mac and with loan-to-value ratios below 80 percent. Properties must also have been purchased or refinanced between January 1, 1975 and the present date in order to be included in the index calculation.

As of September 2020, the HPI for Homosassa Springs was 154.48, up from 151.09 in August 2020 and up from 146.72 in September 2019. This represents an increase of 2.39 percent over the last 12 months (not annualized).

There are several factors that contribute to rising home prices in Homosassa Springs, FL:

1) Low interest rates: Mortgage rates are at historic lows, which makes buying a home more affordable for buyers;

2) Limited supply of homes for sale: The number of homes for sale has not kept pace with population growth, resulting in increased competition among buyers;

3) Strong job market: The unemployment rate is low and wages are rising, giving people the confidence and ability to buy a home;

4) Population growth: More people are moving to Florida due to its warm climate and strong job market prospects