TerraIndex™ HPI

October 14, 2026

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Key Insights At National Level

TerraIndex™ HPI September 2026 National
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U.S. home values for combined single-family detached and attached properties increased by 1.1% year-over-year, a significant drop from the 1.5% average recorded over the previous four months.
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On a month-over-month basis, non-seasonally adjusted (NSA) home values declined 0.6% in September 2026. On a seasonally adjusted basis, home values decreased by 0.1%.
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Nationwide, home values continued the downward trend that began in July, posting the sharpest non-seasonally adjusted monthly decline in over a year.

 

Key Insights At State Level

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On a year-over-year basis, ten states experienced home value depreciation, led by Washington, Colorado, and Georgia. At the other end of the spectrum, Wisconsin, Mississippi, and New York posted annual gains of around 5%.
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On a month-over-month basis, all states except Mississippi and West Virginia recorded NSA home value declines in September. The largest declines occurred in Vermont and Maine, part of the generally more resilient Northeast region.
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On a non-seasonally adjusted basis, the median month-over-month change in home values remained at -0.4% in September 2026, marking the third consecutive month of broad-based home value depreciation.

Top 50 CBSA Markets

TerraIndex™ HPI September 2026 Top 50 CBSA
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On a year-over-year basis, 40% of the top 50 CBSA markets recorded home value depreciation through September 2026. Austin (TX) remained the weakest-performing market, but Seattle (WA) is closing the gap. Milwaukee (WI), New York (NY) and Hartford (CT) continued to outperform the rest of the markets.
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On a month-over-month basis, all top 50 CBSA markets recorded NSA home value depreciation except Miami (FL) and Phoenix (AZ), which posted modest gains. The largest declines were observed in San Jose (CA), Denver (CO), Philadelphia (PA), Seattle (WA), and Dallas (TX), each with NSA declines exceeding 1.2%.
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On a non-seasonally adjusted basis, the median month-over-month home value change among the top 50 CBSA markets remained at -0.6%, consistent with the readings from the previous two months. Home value depreciation continues to spread across the country at a pace not seen since the fall of 2022.

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.

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