Rochester, MN Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Rochester, MN, Federal Housing Finance Agency (FHFA) house price index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family houses with mortgages backed by Fannie Mae or Freddie Mac. The HPI covers all nine U.S. Census divisions and is released on a monthly basis with a two-month lag.

As of December 2020, the Rochester HPI was up 3.6% from a year ago and up 0.8% from the previous month. This marks the sixth consecutive month of positive year-over-year growth and the fourth consecutive month of positive monthly growth.

Rochester's housing market has been strong in recent months, driven by low mortgage rates and continued population growth. The median sale price of a home in Rochester hit an all-time high of $247,000 in November 2020, up 11% from a year ago and up 2% from October 2020.

Home equity in Rochester has also been on the rise due to rising home prices. The average homeowner in Rochester had $145,000 in equity as of September 2020, up from $133,000 a year ago and $141,000 at the end of 2019.