Williamsport, PA Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Williamsport, PA, Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family properties in the United States. The index was created in order to provide a more timely and accurate measure of home price trends than other existing measures.

The HPI is based on data from Fannie Mae and Freddie Mac's monthly house price surveys covering all 50 states and over 400 metro areas. The HPI began with data from January 1975 and currently covers home sales prices through December 2019.

In Williamsport, PA, the HPI increased by 1.4% from December 2018 to December 2019. This increase was driven by a rise in both home equity and home prices. Home equity is the portion of a property's value that is owned by the homeowner, while home prices are the amount paid for a property, regardless of whether it is financed with a mortgage or not.

Between December 2018 and December 2019, the median home equity rose from $16,200 to $17,000, an increase of 4%. The median home price also increased during this time period, rising from $142,000 to $146,000 – an increase of 3%. These increases in both home equity and prices contributed to the overall 1.4% increase in the HPI for Williamsport during this time period.

There are several factors that may have contributed to the increases seen in both home equity and prices in Williamsport between December 2018 and 2019. One potential factor is population growth; as more people move into an area they need somewhere to live which can put upward pressure on housing costs. Another possibility is that low interest rates make buying or refinancing a property more affordable which could lead to higher demand for homes and subsequently higher prices. Additionally, limited supply could be playing a role as there are only so many homes available for sale at any given time which can lead to bidding wars and inflated prices if demand exceeds supply