Ogden-Clearfield, UT Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Ogden-Clearfield, UT, 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 covers single-family homes in the Ogden-Clearfield metropolitan statistical area (MSA), which includes Weber and Davis counties.

Between 2000 and 2006, home prices in the Ogden-Clearfield MSA increased rapidly, more than doubling from $93,000 to $196,000. This increase was driven by a number of factors, including strong population growth in the region, low interest rates, and investor speculation. However, these same factors led to a sharp decrease in home prices during the housing market crash of 2007-2008. Between 2006 and 2011, home prices fell by nearly 40%, to a low of $118,000.

Since bottoming out in 2011, home prices in the Ogden-Clearfield MSA have been slowly recovering. As of 2019 Q2, the FHFA HPI stood at $135,000 - still below its pre-crash peak but up nearly 15% from its post-crash lows. The recovery in home prices has been driven by a number of factors including an improving economy and increasing demand for housing in the region.

Looking forward, it is unclear how much further home prices will recover in the Ogden-Clearfield MSA. While there are some positive economic indicators for the region - such as job growth and population growth - there are also some potential headwinds that could limit further price increases. These headwinds include affordability constraints and rising interest rates.