Oxnard-Thousand Oaks-Ventura, CA Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Oxnard-Thousand Oaks-Ventura, CA, 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 detached homes, single-family attached homes, and condominiums.

As of the fourth quarter of 2019, the HPI for the Oxnard-Thousand Oaks-Ventura metro area was 275.6, down 0.2% from the previous quarter and up 3.0% from one year ago. From its peak in the second quarter of 2006 to its trough in the first quarter of 2009, prices fell by 33%. Prices have since recovered by 75%, but remain 13% below their pre-recession peak.

Home equity is the portion of a home's value that is owned outright by the homeowner rather than being financed through a mortgage or other loan products. In other words, it's what would be left over if you sold your home and paid off all debts associated with it – including your mortgage balance – in full. Home equity can fluctuate based on changes in property values as well as outstanding debt levels on a property.

In 2019 Q4, homeowners in the Oxnard metro area had an average of $142,000 in home equity per property – up from $140,000 in 2018 Q4 and $131,000 in 2017 Q4. This increase was driven primarily by rising home prices rather than declining mortgage balances; average mortgage debt per property actually rose slightly over this time period (from $229,000 to $231,000). The rise in home equity meant that homeowners had an average equity stake of 38% in their properties – up from 37% last year but still below the 46% level seen in 2007 Q4 before prices began to decline during the housing market crash and recession.