TerraIndex™ HPI

August 12, 2026

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Key Insights At National Level

TerraIndex™ HPI Dec 2025 National
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U.S. home values for combined single-family detached and single-family attached properties rose 1.4% year-over-year, continuing to run significantly below the inflation rate.
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On a month-over-month basis, non-seasonally adjusted (NSA) home values decreased 0.3% in July 2026. On a seasonally adjusted basis, home values fell 0.1%.
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Nationwide, home value trends reached an inflection point in July, recording the first non-seasonally adjusted month-over-month decline since January 2026.

Valuation Model Datasheet

 

Key Insights At State Level

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On a year-over-year basis, one in four states recorded home value depreciation through July 2026, with Colorado, Nevada and Texas leading the declines. At the other end of the spectrum, New York posted the strongest annual growth.
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On a month-over-month basis, roughly 70% of states experienced NSA home value depreciation in July 2026, led by Washington. This marks a sharp reversal from the previous month, when about 80% of states still recorded positive monthly growth.
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On a non-seasonally adjusted basis, the median month-over-month change in home values turned negative at -0.3%, a significant deterioration from +0.4% a month earlier, which is atypical for the middle of the summer home-buying season.

Top 50 CBSA Markets

TerraIndex™ HPI Dec 2025 Top 50 CBSA
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On a year-over-year basis, 46% of the top 50 CBSA markets recorded home value depreciation, with most declining markets concentrated in the South and West. Austin (TX) continues to stand out with the largest annual decline. In contrast, markets in Midwest and Northeast continue to post solid annual growth.
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On a month-over-month basis, nearly 90% of the top 50 CBSA markets recorded home value declines in July 2026. San Francisco (CA), Pittsburg (PA) and Seattle (WA) led the group, each posting declines of roughly 1.2%. New York (NY) and Cleveland (OH) posted modest monthly home value growth of about 0.4% each.
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Home value depreciation continues to spread across the country. On a non-seasonally adjusted basis, the median month-over-month home value change among the top 50 CBSA markets fell sharply into negative territory in July 2026, declining to -0.5%, down from +0.2% the previous month and +0.7% two months earlier.

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.