Sebastian-Vero Beach, FL Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Sebastian-Vero Beach, FL, 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 and condominiums. The HPI value for a particular geographic area is the average of all HPI values for individual properties located within that area.

As of September 2020, the Sebastian-Vero Beach HPI was 176.8, down 0.2% from its August 2020 value and up 3.3% from its September 2019 value. On a year-over-year basis, home prices in the Sebastian-Vero Beach metro area have increased for 12 consecutive months.

The recent trend in home prices in the Sebastian-Vero Beach metro area is consistent with trends seen across Florida and across the nation as a whole. Home prices nationwide are being driven higher by strong demand from buyers and limited supply of homes for sale. In Florida specifically, job growth and population growth are helping to drive up demand for housing even further.

In the Sebastian-Vero Beach metro area specifically, there were 1,183 existing homes sold in September 2020, up 8% from August 2020 and up 21% from September 2019. The median sales price of an existing home was $270,000 in September 2020, up 4% from August 2020 and up 11% from September 2019. The number of days on market decreased to 77 days in September 2020 from 84 days in August 2020 but was still higher than the 60 days seen in September 2019.