Phoenix-Mesa-Chandler, AZ Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Phoenix-Mesa-Chandler, AZ, 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 index covers single-family homes and condominiums.

The HPI value for a particular geographic area is the weighted sum of the indices for all transactions in that area during a specified time period, divided by the total number of transactions. The weights are based on the time between sales or refinances and are designed to produce an index that more closely reflects true changes in house prices than an unweighted index.

The FHFA HPI values are calculated using data from Freddie Mac and Fannie Mae's automated underwriting systems. These systems cover a majority of home purchase loans and refinancings originated by lenders nationwide.

The FHFA HPI is published monthly and quarterly, at both the national level and for four census divisions: Northeast, Midwest, South, and West. The divisional indices are constructed using data from Freddie Mac and Fannie Mae only if those two GSEs have at least 50 active first lien zip codes within a state in a given month; otherwise, only state-level data are used to construct the divisional indices. For states with fewer than 50 active first lien zip codes in either GSE's automated underwriting system in any given month, no transaction data are used to construct any part of the HPI for that state for that month