Yakima, WA Federal Housing Finance Agency Home Price Index (FHFA HPI)

In the Yakima, WA, 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 imputed using a repeat sales methodology, in which each transaction is matched to other transactions with similar characteristics in order to estimate market value.

As of September 2020, the Yakima FHFA HPI was 176.1, meaning that home prices had increased by 76.1% since January 2000. The average home in Yakima was worth $176,100 as of September 2020. Home equity averaged $88,050 during that same time period, meaning that homeowners had built up an average of $88,050 in equity over the past 20 years.

The appreciation in Yakima home values has been driven by a number of factors, including population growth and limited housing supply. The population of Yakima County grew by 11.3% between 2010 and 2019, while the number of housing units increased by just 6.4%. This imbalance between population growth and housing supply has put upward pressure on prices and helped to drive appreciation in recent years.

Looking forward, it is unclear how long this trend will continue. If interest rates rise or there is a decrease in demand for homes in Yakima County, we could see a slowdown or even a reversal in price gains. However, as long as population growth continues to outpace housing supply growth, we expect that prices will continue to rise at least in the short-term