Kokomo, IN Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Kokomo, IN, 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 index was created in order to be a more accurate measure of house price changes than other commonly used indices because it uses data on actual transactions rather than appraisals.

As of December 2020, the Kokomo FHFA HPI was at 165.4, up from 164.8 in November 2020 and up from 158.3 in December 2019. This means that home prices in Kokomo have increased by 6% over the past year. The majority of this increase has occurred since June 2020, when the index began to rebound from its pandemic-induced low of 153.7 reached in April 2020.

The rebound in home prices has been driven by strong demand for housing and limited supply of homes for sale. Low mortgage rates have also helped to support higher prices by making it more affordable for buyers to purchase a home.

Looking ahead, it is expected that home prices will continue to rise as demand remains strong and inventory remains tight. However, rising mortgage rates could put some upward pressure on prices and slow the pace of growth.