Indianapolis-Carmel-Anderson, IN Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Indianapolis-Carmel-Anderson, IN, Federal Housing Finance Agency (FHFA) house price index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family houses with mortgages backed by Fannie Mae or Freddie Mac. The HPI covers the nine-county Indianapolis metropolitan statistical area (MSA), which includes Bartholomew, Boone, Hamilton, Hancock, Hendricks, Johnson, Madison, Marion, and Morgan counties.

The HPI value for the Indianapolis MSA was 207.8 in the first quarter of 2020, down 0.4% from the fourth quarter of 2019 but up 2.7% from a year earlier. The HPI for Indiana as a whole was 172.1 in the first quarter of 2020—up 1.0% from both the fourth quarter of 2019 and the first quarter of 2019—and ranked 18th among states.

Home equity is calculated as the difference between a home’s appraised value and its outstanding mortgage debt. In the Indianapolis MSA, home equity averaged $140,831 in the first quarter of 2020—up $547 from the fourth quarter of 2019 but down $2,089 from a year earlier—and ranked 12th among MSAs. Homeowners in the Indianapolis MSA had 40% equity on average in their homes at the end of March 2020—down from 41% at year-end 2019 but up from 39% a year earlier—and ranked 21st among MSAs."