Staunton, VA Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Staunton, VA, 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 FHFA HPI is a broad measure of home prices in the United States and is published monthly.

The Staunton HPI value for December 2020 was 262.51, which is a 0.2% increase from November and a 5.4% increase from December 2019. Home prices in the Staunton area have been on the rise since bottoming out in early 2012 and have now recovered to their pre-recession peak levels.

There are several factors driving the increases in home prices in the Staunton area:

1) Low interest rates: Interest rates are at historic lows, making it cheaper to borrow money for a mortgage loan. This has helped to spur demand for homes as buyers are taking advantage of low monthly payments.

2) Limited supply of homes: The number of homes available for sale has been tight over the past few years, leading to increased competition among buyers and higher prices. builders have not been able to keep up with demand, resulting in fewer new homes being built which further exacerbates the issue.. this has caused many people who would like to buy a home to remain renters instead.. this puts upward pressure on rents as well as home prices..

3) Strong job market: The Staunton area has seen strong job growth over the past few years, giving people confidence in their ability to afford a mortgage payment and making them more likely to buy a home rather than rent one.. this also results in more people moving into the area which creates even more demand for housing..