Key Insights At National Level
Annual growth slowed to its weakest pace in two years as U.S. home values for combined single-family detached and single-family attached properties increased by 1.4% on a year-over-year basis, unchanged from last month.
On a month-over-month basis, non-seasonally adjusted (NSA) home values increased by 0.5% in June 2025. On a seasonally adjusted basis, home values continue to show no growth for the third consecutive month.
Nationwide, home values followed the same narrative in June 2025 as in the last couple of months. They are still inching up, hitting new record levels but at a historically slow pace for this time of the year.
Valuation Model Datasheet
Key Insights At State Level
On a year-over-year basis, Florida, the District of Columbia, and Texas continued to exhibit the largest annual home value depreciation in June 2025. California turned negative on an annual basis for the first time since mid-2023.
Month over month, most states had some non-seasonally adjusted home value appreciation in June, led by New Jersey and Connecticut. At the other end, the District of Columbia and Montana recorded home value drops of around -0.5%.
On a non-seasonally adjusted basis, the median month-over-month home value change was +0.4% in June, significantly lower than the +1.0% average of the Spring season, signaling downward price pressure for the second half of 2025.
Top 50 CBSA Markets
Year over year, North Port-Sarasota (FL) and Austin (TX) once again saw the biggest annual home value depreciation among the top 50 CBSA markets, followed by Tampa (FL), San Francisco (CA), and Jacksonville (FL). At the other end, Hartford (CT), New York (NY), and Milwaukee (WI) continue to exhibit annual home value growth of over 6%.
Month over month, about 25% of the top 50 CBSA markets were in negative territory in June 2025, on a non-seasonally adjusted basis. San Jose (CA) and San Francisco (CA) recorded the biggest home value depreciation of more than 1%, overtaking some of the underperforming markets in Florida and Texas, which used to lead in this category.
Home value depreciation is slowly spreading across the country. For example, five of the biggest six markets in California are now in negative territory on an annual basis. On a non-seasonally adjusted basis, the median month-over-month change among the top 50 CBSA markets went down to 0.2%, even though we are still in the middle of the Summer season.
Why TerraIndex™ HPI
Our Home Price Index (HPI) is based on the proprietary Quantarium Valuation Model (QVM) value estimates for more than 100 million residential U.S. homes. QVM has been tested extensively in the last 5 years by some of the top third-party AVM testing agencies in the U.S. and has been consistently ranked at the top for both Accuracy and Hit Rate performance metrics. QVM was also recently approved by Fitch Ratings for Wall Street transactions. You can read the announcement here.
QVM re-computes the estimated values for the entire national footprint on a weekly basis, along with HPIs at various geography levels – from State, County, CBSA, down to Zip Code and Census Tract. Furthermore, the HPIs produced on any given date are based on proprietary valuation models which include over 90% of all sales transactions that will have been eventually reported through a four-week rolling period ending that date, taking advantage of Quantarium’s industry leading Data Services Platform (QDSP) to reduce the processing time lag to an absolute minimum. That allows Quantarium to provide the most current market insights, weeks faster than most other housing indices in the U.S. Learn more about TerraIndex™ HPI here.
The report for a given month is usually available on the second Wednesday of the following month, for example HPIs for the month of December 2022 were made available on Wednesday, January 11, 2023.
About Quantarium
Located in Bellevue, WA, Quantarium was founded by a team of leading scientists and Ph.D.’s. The company has designed and developed an innovative and enabling set of AI and Visual Technologies currently being deployed across multiple real estate industry sectors. Quantarium is one of the most accurate sources of property insights for over 158 million U.S. properties and trusted by major mortgage lenders, financial institutes, builders, direct marketing agencies, and real estate professionals across the nation. With a technology suite that is different in kind, then degree, the company’s products and services uncover and capitalize on the core DNA of vertical industries. From genetic modeling property valuations and markets that understand and interpret real estate data as expressed through synthetic future populations, through to CV adjusted values, Quantarium offers real AI to drive real value.
For business inquiries, please contact us at 424.210.8847 or discover@quantarium.com.
