Federal Housing Finance Agency Home Price Index (FHFA HPI):
Ithaca, NY is a Federal Housing Finance Agency home price index that comprises the county of Tompkins County. Its most recent index value is 277.68.
The Ithaca, NY, 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 and condominiums. The Ithaca HPI includes data from counties in the metropolitan statistical area (MSA), which consists of Tompkins County.
The FHFA HPI is a broad measure of home prices in the United States. The Ithaca HPI value for a particular quarter represents the change in home prices over the previous quarter from the perspective of an average homeowner. When interpreting changes in the HPI, it is important to remember that this index does not adjust for inflation.
In general, increases in the FHFA HPI indicate appreciation in home values, while decreases indicate depreciation. Appreciation raises concerns about affordability and possible bubbles forming in local housing markets. Depreciation may signal market weakness and potential foreclosures down the road. However, it is important to note that quarterly fluctuations are common and do not necessarily indicate a trend.
The Ithaca HPI reached its peak value of 248.64 in Q3 2006 and then declined steadily until bottoming out at 168.01 in Q1 2009—a decline of 32%. After hitting this low point, the Ithaca HPI began to recover slowly but surely; by Q4 2011, it had risen back up to 185.62—still well below its pre-recession peak but nonetheless representing healthy gains from its recent trough . In 2012, appreciation continued at a moderate pace , with the Ithaca HPI reaching 196 .85 by year’s end . This was followed by more robust gains over 2013 , with the index rising to 217 .47 by Q4—an increase of 10% from 2012 levels . As of Q1 2014 ,the latest data available ,the Ithaca HPI stood at 221 .17 : still shy of its pre-recession peak but nonetheless representing significant progress from where it was just five years ago .
Looking ahead , it will be interesting to see how home prices fare in Ithaca over the next few years as we move further away from last decade’s housing market crash . If history is any guide , we can expect continued moderate gains ; however , given current economic conditions ( e .g., rising interest rates ) there is potential for volatility going forward which could impact both buyers ’ ability to afford a home as well as sellers ’ willingness / ability to list their properties for sale
Price Index: Ithaca, NY
Name | State | Population |
---|---|---|
Ithaca | New York | 66,877 |
Trumansburg | New York | 6,713 |
Groton | New York | 6,534 |
Newfield | New York | 5,676 |
Freeville | New York | 5,231 |
Dryden | New York | 5,006 |
Lansing | New York | 4,066 |
Brooktondale | New York | 2,658 |
Slaterville Springs | New York | 159 |
McLean | New York | 47 |
Zipcode | Population | Density | Timezone | Latitude | Longitude | City | County | State |
---|---|---|---|---|---|---|---|---|
14854 | 12 | 203.6 | America/New_York | 42.50574 | -76.61477 | Jacksonville | Tompkins County | New York |
13062 | 41 | 87.8 | America/New_York | 42.48510 | -76.38411 | Etna | Tompkins County | New York |
13102 | 47 | 311.8 | America/New_York | 42.55271 | -76.29248 | McLean | Tompkins County | New York |
14881 | 159 | 50 | America/New_York | 42.40056 | -76.35671 | Slaterville Springs | Tompkins County | New York |
14853 | 2,656 | 4,380.6 | America/New_York | 42.44773 | -76.47959 | Ithaca | Tompkins County | New York |
14817 | 2,658 | 25.5 | America/New_York | 42.36488 | -76.34272 | Brooktondale | Tompkins County | New York |
14882 | 4,066 | 47.2 | America/New_York | 42.58016 | -76.55496 | Lansing | Tompkins County | New York |
13053 | 5,006 | 58.2 | America/New_York | 42.47462 | -76.26598 | Dryden | Tompkins County | New York |
13068 | 5,231 | 39.5 | America/New_York | 42.49979 | -76.35870 | Freeville | Tompkins County | New York |
14867 | 5,676 | 32.7 | America/New_York | 42.34405 | -76.61415 | Newfield | Tompkins County | New York |