The Federal Housing Finance Agency has made its inaugural announcement on the Manufactured House Price Index.
“FHFA’s new data resource on manufactured homes provides relevant, up-to-date information on an important but less-understood segment of the housing market,” FHFA Director Sandra L. Thompson said. “In a housing market with elevated home prices, manufactured housing remains an affordable option. This new data should help advance discussions on responsible efforts to expand homeownership opportunities.”
The price indexes and median prices for manufactured homes are both based on data from real-property conventional mortgages acquired by Fannie Mae and Freddie Mac.
Pricing data for manufactured homes will be updated quarterly and included along with the flagship FHFA HPI® — released monthly and quarterly — featuring publicly available data series on trends in single-family home prices.
The new data release for manufactured homes includes purchase-only as well as all-transactions house price indexes, the latter combining purchase and refinance data. Both measure quarterly changes in prices since 2000, on a national scale, based on repeat-sale transactions for individual homes.
Key Findings in Inaugural MHPI
- House price indexes for manufactured homes increased by 7.9 percent between the second quarters of 2023 and 2024. They increased by 3.2 percent in the second quarter of 2024 compared with the first quarter.
- In the second quarter of 2024, the median price of manufactured homes for sale was $231,000. This represents an increase of $1,000 from the second quarter of 2023.
A data series on median manufactured home prices list the national median prices in dollars for every quarter since the beginning of 1985.
The FHFA said the new price indices and data on median prices are still in development and may undergo changes in the future.
The FHFA HPI is a collection of publicly available house price indexes that measure changes in single-family home values based on data that extend back to the mid 1970s from all 50 states and more than 400 American cities. It incorporates tens of millions of home sales and offers insights about house price fluctuations at the national, census division, state, metro area, county, ZIP Code™, and census tract levels.
FHFA will update the house price indexes and median prices for manufactured homes on Nov. 26, 2024. The FHFA has an online schedule of upcoming monthly and quarterly release dates for 2024 and 2025.
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