Kalamazoo-Portage, MI Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Kalamazoo-Portage, MI, Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family houses in the metro area. The HPI is a valuable tool for tracking house price trends at the local level over time.

Between 2000 and 2006, the Kalamazoo-Portage HPI rose steadily, from just under 100 to nearly 150. This increase represented a healthy housing market, with prices rising at a rate that was faster than inflation. However, since 2006 there has been a sharp decline in the HPI, with prices falling back to levels last seen in 2003.

The recent decline in home prices has been driven by a number of factors, including the collapse of the housing bubble and the ensuing recession. The metro area has also been hit hard by foreclosures and short sales, which have further depressed prices.

Despite these challenges, there are signs that the housing market in Kalamazoo-Portage is starting to recover. Prices have stabilized in recent months and there has been an increase in sales activity. If these trends continue, it is likely that home prices will begin to rise once again in the near future.