Rockford, IL Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Rockford, IL, Federal Housing Finance Agency (FHFA) house price index (HPI) is a weighted, repeat-sales index that measures average price changes in repeat sales or refinancings on the same properties. The index covers single-family homes nationwide and offers a broad measure of price trends in the U.S. residential housing market.

The FHFA HPI for Rockford, IL was 154.8 in December 2020, up 1.0% from November and up 6.6% from December 2019. This marks the fourth consecutive month of positive year-over-year growth and the ninth consecutive month of positive monthly growth.

Home equity is the portion of a home's value that is owned outright by the homeowner, free and clear of any liens or mortgages. In December 2020, the median home equity in Rockford was $117,000, an increase of $10,000 from November and up $17,000 from December 2019. The average home equity in Rockford was $142,000 in December 2020, an increase of $9,000 from November and up $20,000 from December 2019.

Home prices in Rockford have been on the rise over the past year due to strong demand from buyers and limited supply of homes for sale. The combination of these factors has resulted in increased competition among buyers and put upward pressure on prices. In addition to rising home prices, mortgage rates remain at historically low levels which has made purchasing a home more affordable for many buyers despite higher prices.