Warren-Troy-Farmington Hills, MI (MSAD) Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Warren-Troy-Farmington Hills, MI Federal Housing Finance Agency (FHFA) house price index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family houses in the metropolitan statistical area. The HPI is a broad measure of the movement of single-family house prices and covers both new and existing houses.

The FHFA HPI for Warren-Troy-Farmington Hills, MI was released on March 31, 2016 and showed that home prices in the metro area increased by 1.0 percent from the fourth quarter of 2015 to the fourth quarter of 2016. This was slightly higher than the national rate of 0.9 percent and well above the rate of inflation, which was 0.7 percent over the same period.

Home prices in Warren-Troy-Farmington Hills have been rising steadily for several years now, although at a slower pace than many other parts of the country. Between 2000 and 2006, prices more than doubled, but then fell sharply during the housing market crash and recession. Prices began to recover in 2012 and have been rising slowly but steadily since then.

As of the fourth quarter of 2016, home prices in Warren-Troy-Farmington Hills were still below their pre-recession peak levels, but they had regained about two-thirds of their value since hitting bottom in 2011. The metro area’s housing market has been helped by strong economic growth in recent years; between 2014 and 2016, employment grew by 4.4 percent, which was well above the national rate of 2.1 percent.

The combination of strong economic growth and rising home prices has led to an increase in home equity for many homeowners in Warren-Troy Farmington Hills. As of Q4 2016, there were an estimated 91,000 homes with positive equity (meaning that they were worth more than what was owed on them), up from 77,000 a year earlier and just 35,000 at the end of 2011 . This increase in home equity has helped to support consumer spending and has been one factor driving economic growth in recent years