Key Insights At National Level
U.S. home values for combined single-family detached and attached properties rose by 1.2% year-over-year, marking the first pause in the annual deceleration trend observed throughout 2025.
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On a month-over-month basis, non-seasonally adjusted (NSA) home values declined by 0.2% in September 2025, while seasonally adjusted figures showed a modest increase of 0.1%.
Nationwide, home values were resilient in September, supported by lower mortgage rates and a relatively stable housing inventory. These factors will shape the market dynamics for the remainder of the year.
Valuation Model Datasheet
Key Insights At State Level
On a year-over-year basis, eight states remain in negative territory, led by the District of Columbia, Texas, Florida, Arizona, and Colorado. In contrast, Connecticut and Wisconsin continue to show strong annual growth of over 6%.
On a month-over-month basis, about 75% of U.S. states experienced home value depreciation in September, an improvement from 80% in August. The largest declines were in South Dakota, Mississippi, Kentucky, Texas, and Massachusetts.
On a non-seasonally adjusted basis, the median month-over-month change in home values was approximately -0.3% in September, showing a notable recovery from -0.5% in the previous month.
Top 50 CBSA Markets
On a year-over-year basis, about 45% of the top 50 CBSA markets are still in negative territory through September 2025. North Port–Sarasota (FL) and Austin (TX) still stand out with the largest annual declines. At the other end, Hartford (CT) and Milwaukee (WI) continue to exhibit strong annual home value growth.
On a month-over-month basis, about 92% of the top 50 CBSA markets recorded home value declines on a non-seasonally adjusted basis, led by Pittsburgh (PA), Austin (TX), Boston (MA), Dallas (TX), and Memphis (TN). There are some signs of home values recovery in Phoenix (AZ), which increased by 0.6% for the month.
On a non-seasonally adjusted basis, the median month-over-month home value change among the top 50 CBSA markets moved to -0.5%, a slight improvement from last month. While home value depreciation remains widespread during September, there are some signs of resilience, driven mainly by lower mortgage rates.
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.
