St. George, UT Federal Housing Finance Agency Home Price Index (FHFA HPI)

The St. George, UT, Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family houses with mortgages backed by Fannie Mae or Freddie Mac. The HPI value for any given area is a percentage change from the base period, which is the first quarter of 1991. The most recent data shows that prices in the St. George area have increased by 4.8% since the first quarter of 1991.

There are many factors that contribute to changes in home prices, including economic conditions, job market trends, interest rates, and population growth. In recent years, the strong economy and low interest rates have helped to drive up prices across the country. However, population growth has been relatively slow in Utah compared to other states, which has helped to keep prices from rising too quickly.

The median home price in St. George is currently $269,000, which is slightly higher than the national median of $261,000. However, when you compare prices to other areas in Utah, St. George is actually quite affordable. For example, the median home price in Salt Lake City is $374,000 while it’s $335,000 in Park City. When you compare these prices to major metropolitan areas like San Francisco ($1 million) or New York City ($1 million), it’s clear that St. George is a relative bargain.

One reason why St. George home prices have remained relatively affordable is because there hasn’t been a lot of new construction lately due to strict zoning regulations . This has helped to keep supply low and demand high , resulting in modest price increases over time . Another factor that has contributed to affordability is that many people who live in St .George work remotely , which means they don’t have to pay as much for housing . Lastly , retirees are drawn to the area because of its sunny weather and outdoor recreation opportunities , but they often downsize once they move here , freeing up larger homes for families .