Worcester, MA-CT Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Worcester, MA-CT, Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family houses with mortgages backed by Fannie Mae or Freddie Mac. The HPI value for a particular quarter represents the change in house prices from the price of the same house during the previous quarter.

The Worcester HPI increased 3.1 percent from the first quarter of 2019 to the second quarter of 2019. This was higher than both the national HPI increase of 2.0 percent and the Northeast HPI increase of 1.8 percent during that time period. Home prices in Worcester have been on an upward trend since bottoming out in early 2012, and have now recovered nearly all of their pre-recession peak values.

The strong performance of the Worcester housing market is due in part to its location within the Boston metropolitan area. The Boston metro area has seen strong economic growth in recent years, driven by sectors such as technology, healthcare, and education. This has led to increased demand for housing in the region, which has put upward pressure on home prices. In addition, Worcester itself has seen several large redevelopment projects completed recently, including a new mixed-use development downtown and a new commuter rail station. These projects have helped to revitalize Worcester's urban core and make it an more attractive place to live, further boosting demand for housing.