Salinas, CA Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Salinas, CA, 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 1991.

In the Salinas HPI, home equity is calculated as the difference between the property's sale price and the outstanding balance of its mortgage loan. Home prices are measured by taking into account both purchase mortgages and refinance mortgages. The data used to calculate the index come from Fannie Mae and Freddie Mac's monthly mortgage reports.

The Salinas HPI showed a year-over-year increase of 3.8 percent in December 2020. This was down from November's rate of 4.4 percent, but still up from December 2019's rate of 2.6 percent. Home prices in Salinas have been rising steadily for the past few years, but the pace of growth has slowed somewhat in recent months.

The average home equity in Salinas was $229,000 in December 2020, up from $225,000 in November 2020 and $208,000 in December 2019. Homeowners in Salinas have seen their equity grow by an average of $21,000 over the past year. This is a significant increase, but it is important to remember that home values can go up and down over time so this number could change in future months or years.