Mount Vernon-Anacortes, WA Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Mount Vernon-Anacortes, WA, 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 Mount Vernon-Anacortes was 206.3 in September 2020, which means that home prices in the area have increased by 6.3% since September 2019.

Home equity is the portion of a home's value that is owned outright by the homeowner. In Mount Vernon-Anacortes, WA, the median home value is $269,000 and the median homeowner equity is $154,000, for a loan-to-value ratio of 58%. This means that homeowners in Mount Vernon-Anacortes have on average 58% equity in their homes.

Home prices in Mount Vernon-Anacortes have been rising steadily over the past few years. The HPI value for Mount Vernon-Anacortes was 206.3 in September 2020, which means that home prices in the area have increased by 6.3% since September 2019 and 21% since September 2016. The rise in home prices has been driven by strong demand from buyers and limited supply of homes for sale. The combination of these factors has resulted in bidding wars and rapid price appreciation in many markets across the country, including Mount Vernon-Anacortes.

As home prices continue to rise, so does homeowners' equity. In Mount Vernon-Anacortes, WA, the median home value is $269,000 and the median homeowner equity is $154,000 as of September 2020 - this represents an increase of $24,000 from one year ago and an increase of $44,000 from two years ago. Homeowners who purchased their homes more than a few years ago are seeing significant increases in their equity position as their homes appreciate in value at a faster rate than they are paying down their mortgage balance (assuming they have a fixed rate mortgage). For those who purchased their homes more recently or who have adjustable rate mortgages with low introductory rates that will eventually reset higher), they may find themselves "underwater" on their mortgage if home values don't continue to rise at a similar pace as their mortgage payments reset higher - meaning they would owe more on their mortgage than what their home is currently worth .