Pittsfield, MA Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Federal Housing Finance Agency (FHFA) house price index for Pittsfield, MA was released today and showed that home prices in the area increased by 0.3% from the previous quarter. This is the fourth consecutive quarter of positive growth for home prices in Pittsfield. The FHFA index is a weighted, repeat-sales index, meaning that it tracks changes in sales prices for the same homes over time.

The most recent data shows that the median sales price for a home in Pittsfield was $176,000 in the second quarter of 2017, up from $175,000 in the first quarter. This marks a 4.7% increase from the second quarter of 2016, when the median sales price was $168,000.

There are several factors driving this positive trend in home prices. The economy in Pittsfield has been improving steadily over the past few years, with unemployment falling and wages rising. In addition, there has been an increase in demand for housing as people move to Pittsfield from other parts of Massachusetts and New England. The combination of these factors has put upward pressure on home prices.

Another factor supporting higher home prices is the low level of inventory relative to demand. There are currently about 1,200 homes on the market in Pittsfield, which is down 20% from last year at this time and down 50% from two years ago. This decrease in inventory has helped to drive up prices as buyers compete for available homes.

Looking forward, we expect home prices in Pittsfield to continue to rise as economic conditions remain favorable and demand continues to outpace supply