Santa Fe, NM Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Santa Fe, NM, 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 was created in order to be a more accurate measure of house price changes than other commonly used indices because it uses data on actual transactions rather than asking prices or appraisals.

As of December 2016, the Santa Fe HPI was at 206.6, up from its low point of 159.9 in December 2011. This means that home prices in Santa Fe have increased by 29% since bottoming out during the Great Recession. However, they are still down 12% from their pre-recession peak of 233.7 in June 2007. Despite this overall increase in prices, there has been significant variation within Santa Fe itself depending on location and type of housing unit.

For example, detached single-family homes have seen much larger price increases than either townhouses/row houses or condominiums/cooperatives since the end of the recession. In December 2016, the median sales price for a detached single-family home was $369,000, up 37% from its low point of $268,000 in December 2011 and just 5% below its pre-recession peak of $389,000 in June 2007. In contrast, the median sales price for a townhouse/row house was $275,000 as of December 2016 – up only 25% from its low point during the recession and still down 11% from its pre-recession peak. Similarly, condominiums/cooperatives have seen more modest price growth since 2011 with a median sales price of $212,500 as of December 2016 – up 28% from its low point but still down 20% from its pre-recession peak back in 2007.

There are also significant differences depending on location within Santa Fe itself. For instance homes located downtown or near popular tourist attractions like the Plaza have seen some of the strongest price growth since 2011 with many properties now selling for well above their previous peaks set back in 2007 before the recession hit. However other areas like Rodeo Road and Cerrillos Road have not fared as well with prices remaining relatively flat or even falling slightly over this same time period despite strong overall economic growth in Santa Fe since 2011