Housing Affordability: Single Family Housing Price Index

PA's Rank Stays At th Compared To

What Is This

Index 1991, 1st Quarter = 100. The index reflects average price changes in repeat sales or refinancing on the same properties. Data represents the seasonally adjusted annual percentage change in home values in the 1st quarter of each year.

Why It's Important

The HPI serves as a timely, accurate indicator of house price trends at various geographic levels. Because of the breadth of the sample, it provides more information than is available in other house price indexes. It also provides housing economists with an improved analytical tool that is useful for estimating changes in the rates of mortgage defaults, prepayments and housing affordability in specific geographic areas.

Trend

Pennsylvania’s housing affordability index ranks among the top 10 states. This represents a significant improvement compared to 2010, when the commonwealth’s ranking on the housing affordability index fell to 26th and has been increasing since.

Source

Federal Housing Finance Agency, 2019 | Visit website