Vallejo, CA Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Vallejo, CA, 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 was created in order to be a more timely measure of home price changes than other indices because it relies on data from mortgage transactions.

In general, home prices in the Vallejo area have been increasing since the HPI began tracking data in 1991. However, there have been some ups and downs during that time period. For example, home prices dipped during the early 2000s before beginning to rebound in 2004. Then, during the housing market crash of 2008-2009, prices plummeted again before starting to recover in 2010. As of 2019, the HPI for Vallejo was 248.2, which is nearly double what it was at its lowest point during the housing market crash.

There are several factors that have contributed to these trends in home prices. One is population growth; as more people move into an area, demand for housing goes up and prices increase accordingly. Another factor is job growth; when more people are employed and have disposable income, they are more likely to buy or upgrade homes. Additionally, interest rates play a role; when rates are low (as they have been for much of the past decade), buyers can afford pricier homes and sellers can afford to hold out for higher prices.

Looking ahead, it's difficult to say exactly what will happen with home prices in Vallejo and other parts of California. However, given current trends and conditions (including strong job growth and historically low interest rates), it's reasonable to expect that prices will continue to rise in the coming years.