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Housing Price Index Patterns by ZIP Code, Metro & State
  -- tools & data to view/rank/compare metros & states 2014Q3 - 2015Q3
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November 2015. Use the Housing Price Index (HPI) to examine quarterly or annual housing value appreciation by 3-digit ZIP code, metro or state. How is housing value appreciation changing among areas of interest? The HPI is calculated in part using home sales price information from Fannie Mae- and Freddie Mac-acquired mortgages. The U.S. HPI all transactions, non-seasonally adjusted, value increased by 5.5 percent from 2014Q3 to 2015Q3. Use the interactive table in this section to compare and contrast HPI quarterly data for/among all metropolitan statistical areas, states and the U.S. Use the GIS tools and data resources reviewed below to visually examine and map these data. Install the GIS project on your computer; add your own data.

Housing Value Appreciation 2014Q3-2015Q3 by 3-Digit ZIP Code
The following graphic shows housing value appreciation 2014Q3-2015Q3 by 3-digit ZIP code based on the HPI. Click graphic for larger view and details.

  • View developed using CV XE GIS and related GIS project.
  • Interactive table coming in December.
  • Click to view Houston metro area .. with counties
    .. Houston area view with counties shows mini-profile
      for 3-digit ZIP code 770; housing appreciation 6.77% 14Q3-15Q3.

Related Housing Market Data & Analytical Resources
The HPI alone provides only partial insights -- based on this one measure. Evaluation of housing markets, and the regional economy, trends and patterns need to use the HPI in combination with many other measures.
  • 2010-2014 annual population estimates: county, metro, state, U.S.
  • ACS 2014 1-year demographic-economic tables: county, metro, state, U.S.
  • Housing Unit Time Series, Trends & Patterns
  • Housing market conditions
  • ProximityOne Data Services: access/integrate these with other data
  • Each data resource section has associated GIS project & datasets.
  • CV XE GIS software: data analytics, maps, geospatial analysis
  • See related Interactive Ranking Tables

Using Tools & Data Resources in this Section
Use tools in this section to examine the quarterly HPI from 2014Q3 to 2015Q3. View/rank/compare HPI trends using the interactive table (see below). Use the GIS tools to visually and geospatially analyze patterns and characteristics of interest. Members of the ProximityOne User Group may download the HPI GIS project and use this project and datasets with the CV XE GIS software. Develop variations on maps shown in this section; add your own data.

Metro Housing Market Reports
Register for information on Metro Housing Market Reports. Updated quarterly, these reports provide a comprehensive housing market assessment and outlook for the U.S. by metro with geographic drill-down (tract and ZIP code) within individual metros.

Visual Analysis of 2014Q3-2015Q3 HPI Patterns by Metro
The following graphic shows housing value appreciation 2014Q3-2015Q3 by metro (MSA) based on the HPI.

Click graphic for larger view and details; view developed using CV XE GIS and related GIS project.
- ProximityOne User Group (join now) members may use the HPI GIS project with CV XE GIS software.
- create similar views with different HPI measures; zoom-in; add labels; add other geography/data.
- create views/graphics for reports and stories. *

Use the interactive table below to view/rank/compare the non-seasonally adjusted "all transactions" HPI for the most recent 5 quarters for all Metropolitan Statistical Areas (MSAs), states and the U.S. The ranking table shows the latest quarterly HPI data and preceding quarters for one year earlier. This table will be updated on February 25, 2016, with 4th quarter 2015 data and related prior quarterly estimates and re-computed quarterly change values (last column).

Housing Price Index Interactive Ranking Table - 2014Q3 - 2015Q3
  Ranking Tables Main | Metros Main
  Click column header to sort; click again to sort other direction.
  View percent change from same quarter last year (rightmost column).

Steps to Develop Custom HPI Pattern Analysis Maps (requires Windows computer with Internet connection)
1. Install the ProximityOne CV XE GIS
... run the CV XE GIS installer
... take all defaults during installation
2. Download the HPI GIS project fileset
... requires ProximityOne User Group ID (join now)
... unzip HPI GIS project files to local folder c:\hpigis
3. Open the c:\hpigis\hpi15q3.gis project
... after completing the above steps, click File>Open>Dialog
... open the file named c:\hpigis\hpi15q3.gis
4. Done. The start-up view is shown at top of this section.

About the Housing Price Index ... scroll section
The Housing Price Index (HPI) is a broad measure of the movement of single-family house prices. It serves as a timely, accurate indicator of house price trends at various geographic levels. It also provides housing economists with an analytical tool that is useful for estimating changes in the rates of mortgage defaults, prepayments and housing affordability in specific geographic areas. The HPI is based on data developed by the Federal Housing Finance Agency (FHFA) using data provided by Fannie Mae and Freddie Mac.

The HPI is a measure designed to capture changes in the value of single-family homes in the U.S. by state and metropolitan area. The HPI equals 100 for all MSAs in the first quarter of 1995. States and divisions are normalized to 100 in the first quarter of 1980. The difference in normalization dates has no impact on appreciation rates obtained from the index. HPI data are estimates subject to errors of estimation.

Transactions Covered by HPI
The House Price Index is based on transactions involving conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac. Only mortgage transactions on single-family properties are included. Conforming refers to a mortgage that both meets the underwriting guidelines of Fannie Mae or Freddie Mac and that does not exceed the conforming loan limit. For loans originated in 2009, the loan limit has been set by the American Recovery and Reinvestment Act of 2009. That Act, in conjuction with prior legislation, allows for loan limits up to $729,750 for one-unit properties in certain high-cost areas in the contiguous United States.

The purchase-only and all-transactions HPI track average house price changes in either repeat sales or refinancings on the same single-family properties. The purchase-only index is based on more than 7 million repeat sales transactions, while the all-transactions index includes more than 50 million repeat transactions (includes refinance appraisals). Both indexes are based on data obtained from Fannie Mae and Freddie Mac for mortgages originated over the past 39 years.

How the HPI is Computed
The HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac since January 1975. The HPI is updated each quarter as additional mortgages are purchased or securitized by Fannie Mae and Freddie Mac. The new mortgage acquisitions are used to identify repeat transactions for the most recent quarter and for each quarter since the first quarter of 1975.

Comparison to Related Housing Price Measures
Census Bureau Constant Quality House Price Index (CQHPI). The FHFA HPI covers far more transactions than the Census survey. The CQHPI covers sales of new homes and homes for sale, based on a sample of about 14,000 transactions annually, gathered through monthly surveys. The quarterly HPI is based on more than 38 million repeat transaction pairs over 34 years. This gives a more accurate reflection of current property values than the Census index. The HPI also can be updated efficiently using data collected by Fannie Mae and Freddie Mac in the normal course of their business activity.

S&P/Case-Shiller® Home Price Index. Both FHFA and C-S HPIs employ the same fundamental repeat-valuations approach, there are a number of data and methodology differences. Among the dissimilarities:
. The S&P/Case-Shiller indexes only use purchase prices in index calibration, while the all-transactions HPI also includes refinance appraisals. The FHFA purchase only series is restricted to purchase prices, as are the S&P/Case-Shiller indexes.
. FHFA valuation data are derived from conforming, conventional mortgages provided by Fannie Mae and Freddie Mac. The S&P/Case-Shiller indexes use information obtained from county assessor and recorder offices.
. The S&P/Case-Shiller indexes are value-weighted, meaning that price trends for more expensive homes have greater influence on estimated price changes than other homes. The FHFA index weights price trends equally for all properties.
. The geographic coverage of the indexes differs. The S&P/Case-Shiller National Home Price Index, for example, does not have valuation data from 13 states. The FHFA U.S. index is calculated using data from all states.

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