Myrtle Beach-Conway-North Myrtle Beach, SC-NC Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Myrtle Beach-Conway-North Myrtle Beach, SC-NC, Federal Housing Finance Agency (FHFA) house price index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family houses in the metro area. The HPI is a broad measure of the movement of single-family house prices and covers both new and existing houses. The HPI is based on data from Fannie Mae and Freddie Mac, which purchase mortgages from lenders and package them into securities for sale to investors.

The HPI for the Myrtle Beach metro area was 9.0 percent in 2019Q1 compared to 2018Q1. This represents an increase in home prices in the metro area of 9.0 percent over the last year. Home prices have been rising steadily in the Myrtle Beach metro area since 2013Q1, when the HPI was 4.4 percent.

The main drivers of increased home prices in the Myrtle Beach metro area are strong economic fundamentals, including population growth, job creation, and low interest rates. The population of Horry County (which includes Myrtle Beach) has grown by 2.8 percent since 2010, while employment has grown by 3.6 percent over the same period. Low interest rates make financing a home purchase more affordable and also encourage refinancing activity, which can lead to higher home values as well.