Utica-Rome, NY Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Utica-Rome, NY, 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 with one to four units and includes condominiums and cooperatives. The FHFA HPI is published monthly and quarterly, and annual data are available back to 1975.

The Utica-Rome HPI rose 1.4 percent from the first quarter of 2019 to the first quarter of 2020. This increase was driven by a 3.7 percent increase in home prices in the fourth quarter of 2019 and a 0.3 percent increase in the first quarter of 2020. Home prices in the Utica-Rome metro area have been on an upward trend since bottoming out in early 2011, but they remain below their pre-recession peak levels.

As of the first quarter of 2020, home prices in the Utica-Rome metro area were still about 15 percent below their peak levels reached in early 2007. However, this gap has been narrowing over time as home prices have continued to rise while remaining relatively flat nationwide. TheUtica -Rome HPI has risen about 60 percent since its trough in early 2011 while nationally, home prices have only increased by about 40 percent over that same time period .

The recent increases in home prices have been driven by strong demand for housing and limited supply of homes for sale . The combination of these factors has resulted in bidding wars for properties , particularly at the lower end of the market . This has put pressure on affordability , especially for first -time buyers who are often competing against investors with all cash offers .