Savannah, GA Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Federal Housing Finance Agency (FHFA) house price index for Savannah, GA, shows that home equity and prices have increased steadily over the past few years. In the first quarter of 2019, the index was at its highest point since the fourth quarter of 2007. This means that homeowners in Savannah have seen their home equity increase by an average of $16,000 since 2007.

There are a number of factors that have contributed to this increase in home equity. One is the overall growth of the economy. As more people are employed and wages rise, they have more money to spend on housing. This increased demand has helped to drive up prices. Another factor is low interest rates. When mortgage rates are low, it makes it cheaper for people to buy homes and also makes it easier for people who already own homes to refinance their mortgages and free up some cash.

The FHFA house price index is just one way to measure changes in home equity and prices. Another way is to look at median sale prices for homes in Savannah. According to data from Zillow, the median sale price for a home in Savannah was $169,000 in 2018, up from $157,000 in 2017. This represents an increase of nearly 7%.

It's important to remember that not all homeowners have experienced these increases equally. Some may have seen much larger gains than others depending on things like when they bought their home or how much they've invested in improvements. However, overall, the trend is clear: Home equity and prices are on the rise in Savannah thanks to strong economic growth and low interest rates