Salem, OR Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Salem, OR, 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 was created in response to the need for a more timely and comprehensive measure of house price trends than those that existed at the time. The HPI is a broad measure of home prices and is not designed to be used as a predictor of future house prices.

As of December 2020, the Salem, OR HPI was 226.3, up 0.8 percent from its November 2020 value of 224.1 and up 10.7 percent from its December 2019 value of 204.4 (not seasonally adjusted). The Salem HPI peaked in August 2007 at 248.2 and bottomed out in April 2009 at 159.0; since then it has recovered by 41.9 percent through December 2020 (not seasonally adjusted).

The Salem metro area includes Marion and Polk counties in Oregon; as of the 2010 census, it had a population of 414,144 people spread across 952 square miles (2,470 km2), making it the third most populous metro area in Oregon after Portland and Eugene–Springfield