Huntington-Ashland, WV-KY-OH Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Huntington-Ashland, WV-KY-OH, 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 one to four units and condo/co-op homes with one unit. The FHFA HPI is published monthly and quarterly, and annual values are available back to 1991. Home equity is the portion of a home's value that is owned outright by the homeowner. Home prices are the amount of money paid for a home by buyers in the market.

In 2019, the Huntington-Ashland FHFA HPI showed an increase of 3.8% from 2018 levels. This was below both the national average increase of 5% and also below other metro areas in the region such as Cincinnati (4%), Columbus (4%), Louisville (5%), and Lexington (6%). Despite this lower rate of growth, home prices in Huntington-Ashland have more than doubled since 2000, when the index was at 100. In 2019, the index reached 217.3.

There are several reasons why home prices have grown more slowly in Huntington-Ashland than in other parts of the country over the past year. One reason is that job growth has been slower here than in other areas. In 2019, job growth in Huntington-Ashland was 0.9%, compared to 1.6% nationally and 2% regionally. This slower job growth has led to slower wage growth as well, which has made it harder for potential buyers to afford a home here. Additionally, while interest rates remain low by historical standards, they have risen slightly over the past year from their lows in late 2018/early 2019, which has made mortgages slightly less affordable than they were previously.

Despite these challenges, there are still many factors working in favor of continued increases in home prices in Huntington-Ashland over time: population growth continues to outpace job growth here; incomes are rising as more people move into higher paying jobs; interest rates remain low by historical standards; and there remains strong demand for housing relative to supply due to limited new construction activity over much of the past decade . As a result , we expect home prices will continue to rise steadily over time , albeit at a somewhat slower pace than seen recently nationally or regionally .