Memphis, TN-MS-AR Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Memphis, TN-MS-AR, 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 HPI covers single-family homes with one to four units and condominiums with one to four units.

As of the fourth quarter of 2019, the Memphis HPI was 176.7, down 0.1 percent from the third quarter and up 1.8 percent from a year earlier. The all-transactions house price index for the United States was 225.3 in the fourth quarter of 2019, down 0.2 percent from both the previous quarter and a year earlier (see Figure 1).

The Memphis metro area includes Shelby County in Tennessee; DeSoto, Marshall, Tate, and Tunica counties in Mississippi; and Crittenden County in Arkansas. Home prices in Shelby County have been volatile over the past few years but have trended upward since 2016 (see Figure 2). In contrast, home prices in DeSoto County have been relatively flat since 2015 but have shown some signs of life recently, while prices in Marshall County have been declining since 2016 but appear to be stabilizing at this point.