San Luis Obispo-Paso Robles, CA Federal Housing Finance Agency Home Price Index (FHFA HPI)

The San Luis Obispo-Paso Robles, CA, Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family houses in the area. The HPI is a valuable tool for tracking house price trends at the regional level.

The San Luis Obispo-Paso Robles HPI increased by 0.8% from the first quarter of 2019 to the first quarter of 2020. This was the fourth consecutive quarterly increase in the index, and it brought the index back to its pre-recession peak.

Home equity is the portion of a home's value that is owned outright by the homeowner. Home prices have been on the rise in recent years, which has led to an increase in home equity for many homeowners. The median home value in San Luis Obispo-Paso Robles was $552,000 in 2019, up from $532,000 in 2018. This represents an increase of 3.7%.

The combination of rising home values and low mortgage rates has led to strong growth in home equity levels across the country. According to CoreLogic's Home Equity Report for 2019, homeowners with mortgages had an average of $165,000 in tappable equity at the end of last year, up from $139,000 at the end of 2018. This represents an increase of 18%.

San Luis Obispo-Paso Robles homeowners with mortgages had an average of $172,000 in tappable equity at the end of 2019, up from $145,000 at the end of 2018. This represents an increase of 18%. Tappable equity is defined as "the amount available for homeowners with mortgages to borrow against before reaching 80% loan-to-value (LTV) ratios." In other words, it's how much a homeowner could potentially borrow against their home without having to pay private mortgage insurance (PMI).