Niles, MI Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Niles, MI, 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 was created in order to be a more accurate measure of house price changes than other, more commonly used indices.

As of September 2020, the Niles HPI was at 176.4, up 0.2% from August and up 3.1% from September 2019. This means that home prices in Niles have increased slightly over the past month and have seen moderate growth over the past year.

Looking at home equity, we see that as of September 2020, the average homeowner in Niles had $131,000 in equity, up from $129,000 in August and $124,000 in September 2019. This represents an increase of 1.6% over the past month and 5.7% over the past year. Homeowners in Niles have seen their equity grow at a moderate pace over the past year as home prices have risen modestly.