Youngstown-Warren-Boardman, OH-PA Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Youngstown-Warren-Boardman, OH-PA, 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 HPI covers single-family homes with one to four units and condominiums with one to four units.

The FHFA HPI for the Youngstown-Warren-Boardman, OH-PA area was 153.8 in 2020 Q1. This represents a 0.4% increase from 2019 Q4 and a 2.3% increase from 2020 Q1. Home prices in the Youngstown area have been on the rise since bottoming out in 2011 and have now regained all of the value lost during the housing market crash.

The rise in home prices has been driven by strong demand from buyers and limited supply of homes for sale. Low mortgage rates have also helped to spur demand as more buyers are able to afford a home at current prices. The combination of these factors has resulted in healthy price growth in recent years which is expected to continue into 2020 and beyond.

Looking forward, we expect home prices in the Youngstown area to continue to rise as demand remains strong and inventory levels remain tight. However, rising mortgage rates could put some upward pressure on prices as affordability becomes more of an issue for buyers going forward.