Sheboygan, WI Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Sheboygan, WI, 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 weighted sum of transaction prices on properties located within that area, divided by the number of transactions. The weights are derived from the timing of each transaction relative to when the index reference period began. For example, a transaction that occurred in the first quarter of 2020 would have a weight of 1.0; a transaction in the second quarter would have a weight of 0.75; and so forth. The weights are applied to both sales and refinance transactions equally.

The FHFA HPI values are published monthly and quarterly, and annual values are available back to 1991. The most recent data point available is for Q4 2020.

In Q4 2020, the FHFA HPI value for Sheboygan was 195.1, up 0.8% from Q3 2020 and up 4% from Q4 2019. This means that home prices in Sheboygan increased at a slightly faster pace than both the national average (0.5%) and the Midwest region average (0.7%).

Looking at longer-term trends, we see that home prices in Sheboygan have been on an upward trend since bottoming out in early 2012 following the housing market crash and recession. Prices have risen steadily since then, with only a few small dips along the way – most notably during 2015-2016 when oil prices collapsed and caused an economic slowdown across much of Wisconsin (Sheboygan is located in southeastern Wisconsin near Lake Michigan). Overall, prices are up nearly 60% from their lows during 2012-2013, although they remain about 10% below their pre-recession peak reached during 2006-2007 (nominal terms). When adjusting for inflation using CPI data from the Bureau of Labor Statistics, we see that real (inflation-adjusted) home prices in Sheboygan are still down slightly from their pre-recession peak but have nonetheless recovered significantly from their lows during 2012-2013 (-2%).