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Key Insights At National Level
U.S. home values for combined single-family detached and single-family attached properties increased by 6.5% in April 2024 from the same month last year, setting a new all-time high.
On a month-over-month basis, non-seasonally adjusted (NSA) home values increased by 1.2% in April 2024. However, on a seasonally adjusted basis, home values growth seems to be fading away at 0.3%.
Home values continue their upward trend in April 2024 but at a slower pace than historical averages for this time of the year. The year-over-year growth shows the first deceleration in 11 months.
Valuation Model Datasheet
Key Insights At State Level
On a year-over-year basis, all states except Mississippi and the District of Columbia remain in positive territory through the end of April 2024. Rhode Island and Ohio continue to register the strongest annual home value growth.
On a month-over-month basis, all states except Mississippi show non-seasonally adjusted home value appreciation in April 2024. However, the pace of growth seems to be cooling off, which is uncharacteristic for the busy Spring buying season.
On a non-seasonally adjusted basis, the median month-over-month home value change among all states was around +1.3% in April 2024, moving significantly lower from the +1.9% recorded in the previous month.
Top 50 CBSA Markets
On a year-over-year basis, Austin (TX) and San Antonio (TX) are the only markets with home value depreciation out of the top 50 CBSA markets. Cleveland (OH) stands apart with the strongest annual home value growth, followed by San Jose (CA), Providence (RI) and Hartford (CT).
On a month-over-month basis, all top 50 CBSA markets continue to register non-seasonally adjusted home value appreciation. Milwaukee (WI) registered the strongest monthly home values appreciation in April 2024, followed by Cleveland (OH), San Jose (CA) and Hartford (CT).
As also noted at state level, home values growth appears to be slowing down in most markets even as we approach the height of the Spring buying season. It seems that persistently high interest rates and increasing inventories might finally put the brakes on home price increases.
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.
