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

In the third quarter of 2019, the Rochester, NY, Federal Housing Finance Agency (FHFA) house price index (HPI) was 154.1. This is a 0.8 percent increase from the second quarter of 2019 and a 4.4 percent increase from the third quarter of 2018. The HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties.

The Rochester HPI is made up of data from home sales and refinances in Monroe County between January 2000 and September 2019. The data come from Fannie Mae and Freddie Mac loans that were sold to or guaranteed by those government-sponsored enterprises.

The all-transactions house price index for Rochester was $154,100 in the third quarter of 2019, which is a 0.8% increase over the second quarter of 2019 ($152,900) and a 4.4% increase over the third quarter of 2018 ($147,700).

Between 2000 and 2006, home prices in Rochester more than doubled, increasing by 106%. From 2006 to 2011, prices decreased by 15%. Since 2011, prices have been slowly recovering but have not yet reached their pre-recession levels.

The recent rise in home prices has been driven by low interest rates and strong demand for housing. Inventories of homes for sale are low relative to demand, which has put upward pressure on prices. First-time homebuyers are especially active in the market due to favorable conditions such as these.