Modesto, CA Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Modesto, CA, Federal Housing Finance Agency (FHFA) house price index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family houses with mortgages backed by Fannie Mae or Freddie Mac. The HPI value for Modesto was 243.7 in the fourth quarter of 2019, down 0.2% from the previous quarter and up 2.6% from a year earlier.

Modesto's HPI value peaked at 248.8 in the second quarter of 2006 and fell to a trough of 193.4 in the first quarter of 2012. Since then, it has recovered steadily but slowly, reaching its current level of 243.7 in the fourth quarter of 2019.

Home equity is the portion of a home's value that is owned outright by the homeowner; it is calculated as the difference between the home's market value and the outstanding balance on its mortgage loan. In Modesto, CA, home equity averaged $159,946 in 2019, up from $156,064 in 2018 and $145,893 in 2017.

The median sales price for existing homes in Modesto was $302,000 in 2019, up from $289,000 in 2018 and $275,000 in 2017. The median sales price for new homes was $363,500 in 2019; there is no data available for 2018 or 2017.

In Modesto County as a whole (which includes both Modesto city and rural areas), there were 1120 sales of existing homes at or above $1 million reported to MLSListings Inc., up from 1067 sales in 2018 and 995 sales in 2017