Weirton-Steubenville, WV-OH Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Weirton-Steubenville, WV-OH, 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 in the Weirton-Steubenville metropolitan area.

The Weirton-Steubenville HPI value for 2019Q4 was 166.766, down 0.2 percent from the previous quarter and up 1.0 percent from a year ago. This is the fourth consecutive quarter of positive annual growth in the Weirton-Steubenville HPI. Home prices in the metro have now recovered to their prerecession peak set in 2007Q1.

The quarterly decrease in the Weirton-Steubenville HPI was driven by a 0.6 percent drop in home prices in Steubenville and a 0.3 percent decline in Weirton. Prices for both cities have been trending downward since mid-2018 but remain above their levels from a year ago.

Despite recent declines, home equity levels remain high in the metro area thanks to strong price appreciation over the past few years. The median home value in Steubenville was $103,000 as of 2019Q4, while the median home value in Weirton was $92,000 during the same period – both well above their respective prerecession peaks of $91,000 and $79,000 set back in 2007Q1.