Spartanburg, SC Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Spartanburg, SC, Federal Housing Finance Agency (FHFA) house price index (HPI) is a weighted, repeat-sales index that measures average home price changes in the Spartanburg metro area. The HPI is based on sales price information from Fannie Mae and Freddie Mac-acquired mortgages.

The Spartanburg HPI increased 4.8 percent from the first quarter of 2017 to the first quarter of 2018. This was the largest annual increase since the fourth quarter of 2013, when the index rose 5.2 percent. Home prices in Spartanburg have been on an upward trend since bottoming out in early 2012. However, they remain well below their pre-recession peak levels.

As of the first quarter of 2018, home prices in Spartanburg were still about 22 percent below their peak levels reached in early 2007. Despite this, many homeowners in Spartanburg have built up significant equity in their homes over the past few years as prices have risen and mortgage rates have remained low by historical standards.

According to CoreLogic's Equity Report for 2018 Q1, homeowners with mortgages (i.e., those who have not paid off their home loans) saw their equity increase by an average of $15,300 over the 12 months ending March 31, 2018. This was equivalent to a gain of about $140 per month on average for these homeowners during that period.

Homeowners with larger loans and/or lower home values tended to see greater percentage gains in equity than those with smaller loans and/or higher home values during this time period. For example, homeowners with loans originated between 2005 and 2008 - often referred to as "subprime" or " Alt-A" borrowers - saw their equity increase by an average of 11 percent over the 12 months ending March 31st, 2018; while those with loans originated between 2009 and 2011 saw their equity increase by an average of 9 percent over that same time period .