Philadelphia, PA (MSAD) Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Philadelphia, PA Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index measuring average price changes in repeat sales or refinancings on the same properties. The HPI covers single-family properties that have been sold at least twice since January 1976. The HPI is published monthly and quarterly, and annual data are available back to 1991.

As of December 2020, the FHFA HPI for Philadelphia was 243.1, up 5.6% from a year earlier. This means that home prices in the Philadelphia metro area have increased on average by 5.6% over the last 12 months.

The FHFA HPI is calculated using data from Freddie Mac and Fannie Mae's conventional conforming mortgage purchases and securitizations. To be included in the index, a loan must have a term of 30 years or less and an original loan amount that does not exceed $453,100 (the maximum Freddie Mac/Fannie Mae conventional conforming loan limit for a single-family home as of December 2020).

The table below shows the monthly values for the FHFA HPI for Philadelphia since 1991.

| Jan 1991 = 100 | Dec 2020 | Change from previous month | Change from previous year |

|-------------------------------------------------------------------------------------------------------------|-----------------|------------------|---------------------------|---------------------------|

| All transactions | | | 91 | 243 |

Table 1: Monthly values for the FHFA House Price Index for Philadelphia