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

The Wheeling, 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 and condominiums.

The HPI value for a particular geographic area is the average of HPI values for individual MSAs/MAs within that geographic area. The HPI value for an MSA/MA is the weighted average of HPI values for counties within that MSA/MA. The weights are based on the number of owner-occupied households in each county.

The FHFA House Price Index shows that home prices in Wheeling, WV-OH have increased by 0.8% from Q1 2019 to Q1 2020. This increase is lower than the national average of 1.2%.

There are several factors that contribute to this slower rate of growth in home prices in Wheeling, WV-OH. One factor is the overall economic conditions in the region. The unemployment rate in Wheeling, WV was 4% in March 2020, which is higher than the national unemployment rate of 3.5%. This higher unemployment rate may be causing some potential homebuyers to delay their purchase decisions.

In addition, the median household income in Wheeling, WV ($41,764) is lower than the national median household income ($61,937). This may make it more difficult for potential homebuyers to obtain financing and afford a home purchase.

Finally, there has been a decrease in population growth in Wheeling, WV from 2010 to 2018 (-0.21%). This may indicate that there is less demand for housing overall which could put downward pressure on prices.

All of these factors contribute to slower growth in home prices compared to other parts of the country