Winchester, VA-WV Federal Housing Finance Agency Home Price Index (FHFA HPI)

In the Winchester, VA-WV, Federal Housing Finance Agency (FHFA) house price index (HPI), home equity is calculated as the difference between the property's value and the outstanding balance of all liens on the property. Home prices are measured by taking the weighted average of home sales prices in a given area. The HPI is designed to provide a measure of changes in single-family house prices across geographic regions and over time.

The Winchester, VA-WV HPI showed that home equity increased from $131,846 in Q1 2020 to $137,716 in Q2 2020. This increase was driven by a rise in home prices, which increased from $234,767 to $241,890 over the same period. The increase in home equity was also due to a decrease in outstanding mortgage debt, which fell from $103,921 to $104,174 during this time.

The Winchester HPI is based on data from Freddie Mac's Primary Mortgage Market Survey® (PMMS®), which covers transactions for newly originated first-lien mortgages used to purchase one-to-four family homes with fixed or adjustable interest rates. Data for the HPI are collected quarterly from Freddie Mac through loan tapes provided by participating lenders nationwide.