Kennewick-Richland, WA Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Kennewick-Richland, WA, Federal Housing Finance Agency (FHFA) house price index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family properties in the metro area. The index covers the entire spectrum of home prices, from low-end to high-end.

As of December 2016, the Kennewick-Richland HPI was up 5.4% from a year earlier, and up 45% from its pre-recession peak in June 2007. Home prices have been on a tear since bottoming out in early 2012, and have now fully recovered their lost ground.

The strong rebound in home prices has been driven by a number of factors, including low mortgage rates, tight housing supply, and strong job growth. The metro area has added an average of 4,000 jobs per month over the past year, which has helped to boost demand for housing.

With home prices rising and interest rates still relatively low by historical standards, now is a good time to consider tapping into your home equity. Home equity lines of credit (HELOCs) are typically very affordable right now, with rates as low as 3% or 4%. And with home values having recovered so much ground since the recession, you may have more equity than you think.

If you're thinking about taking out a HELOC or other type of loan against your home's equity, be sure to shop around for the best terms and rates. And remember that your home is still your biggest asset – don't put it at risk by borrowing more than you can afford to repay.