Syracuse, NY Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Syracuse, NY Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family properties in the metropolitan statistical area (MSA). The HPI value for a particular quarter is the weighted average of sales prices for all homes that sold during that quarter, with each sale weighted according to when it occurred. The index covers the entire MSA, including both urban and rural areas.

The Syracuse HPI began in 1975 and has a base value of 100 as of December 31, 1983. The most recent data point available is for the fourth quarter of 2019, when the HPI was 241.1. This means that home prices in Syracuse have more than doubled since 1983.

There are several reasons why home prices might have increased so much in Syracuse over this time period. One possibility is that there has been an increase in population or household formation in the MSA, leading to more demand for housing and driving up prices. Another possibility is that incomes have increased faster than inflation, giving people more purchasing power and leading them to bid up prices for houses. Finally, it could be that interest rates have fallen over time, making it cheaper to finance a purchase and leading people to be willing to pay more for a given house than they would have been otherwise.

It is likely that all of these factors have played some role in driving up home prices in Syracuse over time. However, it is difficult to say how important each one has been without further analysis. For example, data on population growth or changes in income levels would need to be examined in order to assess their impact on housing demand and prices