The Federal Housing Finance Agency (FHFA) updated its house price index (HPI) to include data related to manufactured homes for the first time. The index and median prices for manufactured homes are based on data from real-property conventional mortgages acquired by Fannie Mae and Freddie Mac.
Going forward, the data will be updated quarterly and included with FHFA’s HPI, which provides 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 HPIs (the latter combining purchase and refinance data), FHFA stated in a release. The indices measure quarterly changes in prices since 2000, on a national scale, based on repeat-sale transactions for individual homes. The data series on median manufactured home prices list the national median prices in dollars for every quarter since the beginning of 1985. The price indexes and data on median prices are still in development and may undergo changes in the future, the agency added.
“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 Thompson said in a release. “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.”
This inaugural index found house price indexes for manufactured homes increased by 7.9 percent between the second quarters of 2023 and 2024, FHFA stated. They increased by 3.2 percent in the second quarter of 2024 compared with the first. The second quarter of 2024 boasted a median price of $231,000 for manufactured homes, representing an increase of $1,000 from the second quarter of 2023.