CV XE GIS Home Page






  ProximityOne Main

  New Topics & Updates

  S&O Metro Reports

  Situation & Outlook

  Related Sections
  - Applications Gallery
  - States
  - School Districts
  - Metros
  - Congressional
  - Counties
  - Census Tracts
  - Block Groups
  - Census Blocks
  - ZIP Codes
  - Urban Areas

  Estimates-Projections
  - County Interactive
  - 5-year Projections
  - Quarterly Projections
  - 2030 Projections
  - 2060 Projections

  CV XE GIS
    Visual Analysis

  Interactive Tables

  National Scope
  Demographic Change
  2000-2010
  - States
  - Metros
  - Congressional Dist
  - School Districts
  - Counties
  - Cities/Places
  - Census Tracts


 
Decision-Making Information
  ProximityOne
  information resources & solutions
  (888) DMI-SOLN
  (888) 364-7656






Put data to work more effectively.
Certificate in Data Analytics



Data Analytics Blog
Power of Combining Maps with Data

Support & Technical Assistance
help using these resources





Housing Price Index Patterns by 5-Digit ZIP Code
  .. tools & data; view/rank/compare/analyze housing value trends
  .. metros/states .. 3-digit ZIP Code .. 5-digit ZIP Code (here)

April 2022 .. the annual Housing Price Index (HPI) has been updated through 2021 at the census tract (2020 vintage), ZIP code and other geographic levels.

The historical series starts as early as 1975 for some zip codes and census tracts, but the earlier year varies widely. HPI values reflect appraisal values and sales prices for mortgages bought or guaranteed by Fannie Mae and Freddie Mac. ZIP code HPIS values always reflect the native five-digit ZIP index; they are not made with data from another area or year. Three HPI values are provided and, since the indexes reflect cumulative appreciation since a certain period, the values reflect the base year being used (annual appreciations are the same).

The focus of this section is on HPI by both 5-digit ZIP code and 2020 census tract. Counts of ZIP codes and census tracts for which the annual HPI is tabulated are shown below.
ZIP Code counts (of an approximate total 33200 ZIP code areas)
.. base period 1990 (hpi1990base=100) 9,115
.. base period 2000 (hpi2000base=100) 14,942
.. combined base period 1990 and 2000 (hpibase=100) 18,807
.. ZIP codes having a year=2021 HPI 18,875

Census tracts counts (or an approximate 84,000 2020 vintage tracts)
.. base period 1990 (hpi1990base=100) 25,548
.. base period 2000 (hpi2000base=100) 50,617
.. combined base period 1990 and 2000 (hpibase=100) 63,240
.. tracts codes having a year=2021 HPI 63,158

Fifteen Tracts among Highest 20 2021 HPI Tracts are in Los Angeles County.. goto top
The following graphic shows Los Angeles County 2020 tracts (red fill pattern) with the highest 2021 HPI .. 535 or more .. among all U.S. 50,617 HPI base 100 tracts. The label shows the 6-character tract code.


About the HPI .. goto top
A broad measure of the movement of single-family house prices, the Housing Price Index (HPI) provides an indicator of house price trends at various geographic levels. When used with related data, it provides analysts with a measure that is useful for estimating changes in the rates of mortgage defaults, prepayments and housing affordability in specific geographic areas.

Analyzing HPI Characteristics by ZIP Code Using VDA Web GIS
How has the HPI changed in ZIP codes of interest between 2010 and 2020? since 2019? Here is one way to access/view HPI by ZIP code: map the selected ZIP codes and view/analyze the data in a spreadsheet. The following graphic illustrates how the Visual Data Analytics (VDA) Web GIS can be used to analyze HPI by ZIP Code. A query is used with the ZIP Code layer to select only those ZIP codes meeting certain criteria. Selected attributes of those ZIP Codes are shown in the table/grid and map window. Details of this operation are reviewed in the VDA HPI ZIP section. Click graphic for larger view.
More about this application.
The application goal is to determine HPI ZIP codes in California with an increase in the HPI from 2010 to 2020 of 260 or more based on an HPI 2000 index of 100. To do this, a query is used to access and use selected HPI data from the ZIP Code layer included in the VDA "Situation & Outlook" project. The following query is used:
select uid,geoid,hpi2010, hpi2020, hpi2020-hpi2010, 100*(hpi2020-hpi2010)/hpi2010 where hpi2010>0 and hpi2020-hpi2010>260 and stusps='CA'
This query says to display these items: uid,geoid,hpi2010, hpi2020, hpi2020-hpi2010, 100*(hpi2020-hpi2010)/hpi2010 when hpi2010 is greater than 0, the HPI growth between 2010 and 2020 is greater than 260 and consider only ZIPs in California. Using VDA, you can set your own criteria.

The sort order is set using this text:
hpi2020-hpi2010 desc

Finally, click the query button. The results are shown in the table/grid.

You can replicate the process using your own selection criteria. Start as a VDA no cost Level 1 user. See VDA Getting Started. After you login, select the "Situation & Outlook" project. Then process as described in the VDA HPI ZIP section.

More with VDA .. to be expanded
Build your own HPI+ interactive ranking table using the Table/Grid feature.
.. link ACS subject matter (richer demographics) with HPI data.

ZIP Code Annual HPI Time Series Data File -- HPI through 2020
Data now integrated into VDA Web GIS. Access data with only your browser. View HPI by ZIP code in map view in context with other geography. Create your own interactive ranking/query tables. View only ZIP codes that meet a certain criteria that you specify.
  • data tabulated for approximately 18,000 ZIP codes.
    .. where housing sales activity sufficient to develop HPI.
  • annual series often start as early 1985 and continue forward through 2020.

Top & Bottom Ten of Top 100 MSAs -- 2018Q2-2019Q2 HPI Change
.. illustrative .. subscribe to updates
  2019Q2 Top 10 MSAs4QChg1QChg   2019Q2 Bottom 10 MSAs4QChg1QChg
  Boise City, ID13.62.6   New York, NY-NJ2.00.8
  Grand Rapids, MI9.01.6   Honolulu, HI1.9-0.3
  San Antonio, TX8.90.9   Baton Rouge, LA1.72.4
  Austin, TX8.51.8   Cape Coral, FL1.6-0.6
  Colorado Springs, CO8.22.7   North Port, FL1.4-3.3
  Akron, OH8.12.7   Elgin, IL1.4-1.2
  Jacksonville, FL8.02.9   Baltimore, MD1.10.2
  Knoxville, TN7.63.3   Wilmington, DE1.0-1.5
  Gary, IN7.51.5   Seattle, WA0.60.1
  El Paso, TX7.40.7   Oxnard, CA0.50.2
.. 4QChg -- HPI Change 2018Q2 to 2019Q2; 1QChg -- HPI Change 2019Q1 to 2019Q2

  • Go to HPI by ZIP Code interactive table below.
  • ZIP Code Demographic Trends.

HPI by ZIP Code Trends; 2010-2017. The four ZIP codes with highest housing price appreciation from 2010 to 2017, based on these HPI measures, were 85031, 85033, 85040 and 85363 located in the Phoenix, AZ area. These ZIP codes are shown with blue cross-hatch pattern in the following map graphic. The yellow label shows the ZIP code; the white label shows housing value appreciation 2010-2017.
.. view developed using the CV XE GIS software.
.. click map for larger view and details.
Each of these ZIP codes experienced sharp downturns in 2009 but advanced quickly starting in 2010. Use these tools and data to examine areas of interest.

About HPI by ZIP in the Interactive Table. Of the 17,931 5-digit ZIP codes tabulated, 8,074 experienced a decrease in housing value during the period 2010 to 2015. At the same time, 8,672 ZIP code areas experienced an increase in housing value. These data are based on experimental estimates of the Housing Price Index (HPI) by 5-digit ZIP code based in part on home sales price data from Fannie Mae- and Freddie Mac-acquired mortgages. See more about these data.

Updates
May 2021 Update. Annual time series HPI available at U.S., state, metro, county, tract and ZIP code levels.
... as early as 1985 through 2020
May 2018 Update. New 2018 Quarterly HPI Data, Housing Units & Analytics
... HPI Quarterly: 2017Q1-2018Q1 - U.S., State, Metro
... Housing Units annual time series updated - U.S., State, Metro; 2010-2017
March 2018 Update. New 2017 HPI Data & Analytics
... HPI Quarterly: 2016Q4-2017Q4 - U.S., State, Metro
... HPI Annual: 2010-2017 - U.S., State, Metro, County
    - introducing this new HPI section
    - integrated into S&O metro reports shown metro with component counties
    - example of S&O metro report -- Atlanta
February 2018 Update. New ZIP Code Demographic-Economic Interactive Tables
... General Demographics ... Social ... Economic ... Housing Characteristics
... access related individual ZIP Code profiles with multi-sourced data
    - profiles include 2015 and 2016 HPI; updating to include 2017 HPI in March.
    - examine HPI in context of other demographic-economic measures.

5-Digit ZIP Codes with Highest Housing Value Appreciation
This table, derived form the interactive table below, shows the top 10 5-digit ZIP codes having the highest housing value appreciation 2014 to 2015; where base=03 and HPI 2015 value of 175 or greater. The areas are ranked on percent HPI change 2014-2015 (rightmost column). There are many different ways the "top 10" areas could be ranked using different criteria.
ZIPCode Area Name 2010 2011 2012 2013 2014 2015 2014-15 %2014-2015
19106Philadelphia, PA163.6163.6163.7164.3162.5208.746.228.5
02134Allston, MA138.9138.9143.9146.9156.3200.444.128.2
02121Dorchester, MA203.8203.8198.9186.0201.3253.552.225.9
11105Astoria, NY210.5210.5214.9216.0213.7268.054.325.4
02140Cambridge, MA144.7144.7146.6154.2158.0196.938.924.6
14201Buffalo, NY200.8200.8205.6197.9200.5248.047.423.6
11215Brooklyn, NY250.7250.7253.4281.3293.8362.468.623.4
11213Brooklyn, NY216.0216.0200.1208.0234.3288.153.923.0
21201Baltimore, MD175.8175.8168.3139.6143.6176.432.822.9
20818Cabin John, MD202.4202.4196.2201.8202.3246.644.321.9


Visual Analysis of Housing Appreciation Patterns by 5-digit ZIP Code
The following graphic shows patterns of housing value appreciation by ZIP Code: 2014-15. The color patterns/intervals are shown in the inset legend. HPI uses 2000 base year). Click graphic for larger view. Expand browser to full window for best quality view. Use the GIS tools described below to develop thematic pattern maps for a range of data and criteria.

.. view developed using the CVGIS software.
.. click map for larger view and details.

Examining Recent Trends; Current Estimates & Projections
The interactive table below presents annual HPI data 2010 through 2015. A much larger set of these ZIP codes show a negative change between 2010 and 2015 compared to the one year change 2014-2015; The data generally show more ZIP codes experiencing housing value appreciation 2014-2015 compared to the longer period 2010 to 2015. These trends underscore the importance of having more recent data for use in analysis, planning and decision-making.

Using the HPI by ZIP Code Data .. goto top
Use the interactive table to examine the Housing Price Index (HPI) by 5-digit ZIP code. Key considerations in using this table and data include:
  • only ZIP codes for which the HPI is tabulated are included in the table.
  • there are three rows for each ZIP code corresponding to different HPI base years.
    .. use the "Base" drop-down to select one of these base years; start with "03" see details about base year
    .. when/if the HPI values are all 0 for a ZIP, the HPI values are not available for this Type/Base year

Housing Price Index by 5-Digit ZIP Code: 2010-2015 -- interactive table .. goto top
  Use mouse-over on header column to view extended item/column name.
  Click ShowAll button between Find/Queries. See usage notes below table.
  See related interactive tables.


Usage Notes
  Use mouse-over on header column to view extended item/column name.
  Click ShowAll button to reset table.

  • View a range of ZIP codes using base year 2000 (one row per ZIP):
    .. Click ShowAll button to reset table.
    .. Key in low-end ZIP value in edit box where default value 01001 is showing.
    .. Key in high-end ZIP value in edit box where default value 99901 is showing.
    .. Click "ZIP Min-Max" button; table refreshes showing only ZIP codes in that range.

  • Locate ZIP codes for a city of interest:
    .. Option 1
    .. Click ShowAll button to reset table.
        - Key in part of city name (case sensitive) in edit box where default value San Diego is showing.
        - Click "Find in City" button; table refreshes showing only rows with matching city name value.
    .. Option 2 (too many cities with same name)
    .. Click ShowAll button to reset table.
        - Select State using drop-down button below table at left.
        - Click City column header cell; table sorts on this column.
        - Scroll down table to locate city name of interest.

Usage considerations:
  • any particular ZIP code may occur with one, two or three base years.
    .. that is the reason all three base years are included.
  • if a Type filter is applied, ZIP codes of interest may not appear in the refreshed table.
  • the percentage change, 2010 to 2015, will be the same regardless of base year.
  • compare how one ZIP code has changed relative to others while staying within the same base year.
  • a high percent change 2010-2015 compare might be misleading
    .. some zips experiencing large decreases after 2008 have experienced some rebound 2010 forward.

Column Descriptions
- ZIP5
- City
- State
- Base -- base year for HPI value
    .. Type 01 is the index value with a base of 100 when first recorded.
    .. Type 02 is the index value with a base of 100 in 1990.
    .. Type 03 is the index value with a base of 100 in 2000.
- HPI 2010 -- as computed for corresponding Type/Base year
- HPI 2011 -- as computed for corresponding Type/Base year
- HPI 2012 -- as computed for corresponding Type/Base year
- HPI 2013 -- as computed for corresponding Type/Base year
- HPI 2014 -- as computed for corresponding Type/Base year
- HPI 2015 -- as computed for corresponding Type/Base year
- HPI Change 2014-15 -- as computed for corresponding Type/Base year
- HPI %Change 2014-15 -- as computed for corresponding Type/Base year
- HPI Change 2010-15 -- as computed for corresponding Type/Base year
- HPI %Change 2010-15 -- as computed for corresponding Type/Base year

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.
  • Situation & Outlook database & information resources
  • Metro Reports - examine HPI in context of other measures
    .. click MSA (HPI only available for MSAs) link in table at right to view metro
    .. see HPI in metro table of contents section (5.4.)
  • HPI Sections
    .. HPI by Metro/State/U.S. quarterly
    .. HPI by 3-Digit ZIP Code quarterly
    .. HPI by 5-Digit ZIP Code annual
  • 2010-2015 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.
  • CVGIS software: data analytics, maps, geospatial analysis
  • See related Interactive Ranking Tables

Analyzing HPI by ZIP Code using GIS Resources (requires Windows computer with Internet connection)
Inquire about use of the GIS Project
... key in note in text section: "HPI by ZIP Code using GIS Resources"

About Base Years
Indexes are calibrated using appraisal values and sales prices for mortgages bought or guaranteed by Fannie Mae and Freddie Mac. In cases where sample sizes are small for the five-digit ZIP Code area, an index is either not reported if recording has not started or a missing value is reported with a period. Index values always reflect the native five-digit ZIP index, i.e. they are not made with data from another area or year. Three HPI values are provided and, since the indexes reflect cumulative appreciation since a certain period, the values reflect the base year being used (annual appreciations are the same).
  • Type 01 is the index value with a base of 100 when first recorded.
  • Type 02 is the index value with a base of 100 in 1990.
  • Type 03 is the index value with a base of 100 in 2000.

About the Housing Price Index .. goto top
The 5-digit ZIP code HPI data are a set of experimental annual house price indexes for 5-digit ZIP codes across the country from 1975 through 2015. The indexes are constructed using the typical "repeat-transactions" methodology. Unlike other housing price indexes, the 5-digit ZIP code measures are annual price measures, meaning that a single index value is produced for each year. See more in associated working paper.

The annual 5-digit indexes should be considered developmental. As with the standard HPIs, revisions to these indexes may reflect the impact of new data or technical adjustments. Indexes are calibrated using appraisal values and sales prices for mortgages bought or guaranteed by Fannie Mae and Freddie Mac. As discussed in the working paper, in cases where sample sizes are small for the 5-digit ZIP Code area, an index is either not reported if recording has not started or a missing value is reported with a 0.0. Index values always reflect the native 5-digit ZIP index, i.e., they are not made with data from another area or year. Three HPI values are provided and, since the indexes reflect cumulative appreciation since a certain period, the values reflect the base year being used (annual appreciations are the same). Type 01 is the index value with a base of 100 when first recorded, Type 02 is the index value with a base of 100 in 1990, and Type 03 is the index value with a base of 100 in 2000.

More in general about the HPI .. goto top
HPI values are constructed using a large-scale panel of annual house price indices for cities, counties, 3-digit ZIP codes, and 5-digit ZIP codes in the United States from 1975 through 2015 using source data with nearly 100 million transactions. Appreciation rates decrease with distance from the central business district (CBD) in large cities, suggesting an overall increase in the desirability of housing units in CBD locations and a general steepening of the house price gradient. Real house prices are more likely to be non-stationary near the CBD than in the suburbs, a finding consistent with a higher elasticity of housing supply near the edge of the city. Sustained real price increases and high price volatility near the centers of large cities suggest a lower supply elasticity in these locations.

... 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 .. goto top
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.

Support Using these Resources
Learn more about demographic economic data and related analytical tools. Join us in a Data Analytics Lab session. There is no fee for these Web sessions. Each informal session is focused on a specific topic. The open structure also provides for Q&A and discussion of application issues of interest to participants.

ProximityOne User Group
Join the ProximityOne User Group to keep up-to-date with new developments relating to geographic-demographic-economic decision-making information resources. Receive updates and access to tools and resources available only to members. Use this form to join the User Group.

Additional Information
ProximityOne develops geodemographic-economic data and analytical tools and helps organizations knit together and use diverse data in a decision-making and analytical framework. We develop custom demographic/economic estimates and projections, develop geographic and geocoded address files, and assist with impact and geospatial analyses. Wide-ranging organizations use our tools (software, data, methodologies) to analyze their own data integrated with other data. Follow ProximityOne on Twitter at www.twitter.com/proximityone. Contact us (888-364-7656) with questions about data covered in this section or to discuss custom estimates, projections or analyses for your areas of interest.


Copyright © . ProximityOne. All Rights Reserved.
Sitemap | Contact Us | News