Kingston, NY Federal Housing Finance Agency Home Price Index (FHFA HPI)

In the fourth quarter of 2019, the Federal Housing Finance Agency's (FHFA) House Price Index for Kingston, New York was 198.6. This is a 0.4% increase from the previous quarter, and a 2.9% increase from one year ago. The FHFA HPI is a weighted, repeat-sales index, meaning that it tracks changes in home prices by looking at sales of the same homes over time.

The FHFA HPI is just one measure of home prices in Kingston, New York. Other measures include the median sale price of homes and the average sale price of homes. In the fourth quarter of 2019, the median sale price of homes in Kingston was $267,500, and the average sale price was $316,667. These prices are both up from one year ago: the median sale price has increased by 3%, and the average sale price has increased by 5%.

One reason why home prices have been increasing in Kingston is because there has been an increase in demand for housing. This demand can be attributed to population growth as well as people moving to Kingston from other parts of New York or other states. The population of Ulster County (of which Kingston is a part) grew by 1% between 2018 and 2019, according to Census data. And while data on migration patterns is not available at the county level, we know that overall more people are moving to New York State than are leaving it. In 2018, net migration into New York State was about 84,000 people; in 2019, it was about 93,000 people.

Another reason why home prices have been increasing in Kingston is because there has been a decrease in supply of housing relative to this increased demand . According to data from Zillow , there were 1120 homes for sale in Ulster County at the end of 2019 , down 11% from one year earlier . This decrease in supply combined with an increase in demand has put upward pressure on home prices .

Looking ahead , it seems likely that home prices will continue to rise in 2020 , although perhaps not at quite such a rapid pace as we saw last year . The combination of population growth , net inward migration , and low inventory levels suggests that there will continue to be more buyers than sellers in our market . However , it's worth noting that we are currently facing some economic uncertainty due to the coronavirus pandemic , which could impact both buyer demand and seller supply going forward .