Jackson, MI Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Jackson, MI, 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 Jackson HPI covers single-family homes with one to four units located within Jackson County, Michigan.

As of the fourth quarter of 2019, the Jackson HPI was at 202.8, up 3.2% from the fourth quarter of 2018. This increase in theJackson HPI was driven by both an increase in home equity and home prices. Home equity is the portion of a property's value that is owned by the homeowner, and it can be used as collateral for a loan or line of credit. In Jackson County, home equity increased by $1 billion from the fourth quarter of 2018 to the fourth quarter of 2019. This increase in home equity was due to both an increase in property values and a decrease in mortgage debt outstanding.

Home prices in Jackson County increased by 3% from the fourth quarter of 2018 to the fourth quarter of 2019. The median sales price for a home in Jackson County was $160,000 in the fourth quarter of 2019, up from $155,000 in the fourth quarter of 2018. The number of homes sold also increased during this time period, rising from 1,290 in the fourth quarter of 2018 to 1,360 in the fourth quarter of 2019.