Lewiston-Auburn, ME Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Lewiston-Auburn, ME, 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 covers single-family homes in the Lewiston-Auburn metropolitan area.

Between 2000 and 2006, home prices in the Lewiston-Auburn metro area more than doubled, from a HPI of 100 to a peak of 213.3 in the first quarter of 2006. Since then, prices have fallen sharply, reaching a low of 131.4 in the first quarter of 2011. Prices have recovered somewhat since then, but as of the fourth quarter of 2019, the HPI was still below its pre-recession peak, at 206.1.

The sharp increase in home prices between 2000 and 2006 was driven by a combination of factors, including low interest rates, strong economic growth, and limited supply of available homes for sale. The subsequent decline in prices was due largely to the collapse of the housing bubble and ensuing financial crisis.

In recent years, home prices in the Lewiston-Auburn metro area have been rising more slowly than both inflation and home prices nationwide. This is likely due to a combination of factors including slower economic growth and an increase in available homes for sale relative to population growth.