San Rafael, CA (MSAD) Federal Housing Finance Agency Home Price Index (FHFA HPI)

The San Rafael, CA Federal Housing Finance Agency (FHFA) house price index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family houses with mortgages backed by Fannie Mae or Freddie Mac.

The HPI value for San Rafael was 225.4 in the fourth quarter of 2019, up 5.2% from the fourth quarter of 2018. This increase was driven by strong home sales and rising prices in the area.

Home sales in San Rafael have been strong for several years, due to the region's strong economy and job market. The area's unemployment rate was 2.8% in December 2019, down from 3.0% a year earlier and well below the national rate of 3.5%.

San Rafael's housing market has also benefited from tight supply conditions. The number of homes for sale in the area has declined steadily since 2013, while the number of buyers has increased. This has led to bidding wars for properties and rising prices.

The median sale price of a home in San Rafael was $1,230,000 in 2019, up 11% from 2018. This increase was driven by both strong demand and limited supply of homes for sale.

Looking forward, it is likely that home prices will continue to rise in San Rafael as long as demand remains strong and supply remains tight