Manchester-Nashua, NH Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Manchester-Nashua, NH, 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 Manchester-Nashua metropolitan statistical area.

Between 2000 and 2006, home prices in the Manchester-Nashua metro area increased rapidly, more than doubling during that period. However, since peaking in early 2007, prices have fallen sharply. In the fourth quarter of 2017, prices were down nearly 30% from their peak.

The sharp decline in home prices has had a major impact on homeowners' equity. Homeowners' equity is the market value of a home minus the outstanding balance on any mortgages or other liens against the property. As home prices have fallen, so too has homeowners' equity.

In the fourth quarter of 2017, homeowners' equity was $33 billion, down from a peak of $93 billion in early 2007. This represents a decline of nearly 65%. The sharp decline in homeowners' equity has been a major factor behind the increase in foreclosures and delinquencies during the housing crisis.