Jonesboro, AR Federal Housing Finance Agency Home Price Index (FHFA HPI)

In the Jonesboro, AR, Federal Housing Finance Agency (FHFA) house price index (HPI), home equity is calculated as the difference between the property's value and the outstanding balance of all liens on the property. The HPI is a weighted, repeat-sales index, meaning that it captures changes in house prices by tracking sales of the same properties over time.

As of September 2020, the Jonesboro HPI was at 165.7, up from 164.4 in August 2020 and 158.8 in September 2019. This represents an annualized return of 3.6%. Home equity in Jonesboro has increased along with home prices, rising from an average of $133,700 in September 2019 to $139,200 in September 2020.

The increase in home equity is driven by a number of factors, including low interest rates and strong demand for housing. Low interest rates make it cheaper to borrow money against your home equity, while strong demand for housing drives up prices and increases your home's value relative to your outstanding mortgage balance.

The Jonesboro HPI is well above its pre-recession peak of 184.1 reached in June 2006. However, it remains below its long-term trend line (the dotted line in the chart below), indicating that there is still room for further price growth before we reach a new normal."