Key Insights At National Level
U.S. home values for combined single-family detached and single-family attached properties rose by 1.1% on a year-over-year basis, continuing the deceleration trend that started at the beginning of the year.
Month over month, non-seasonally adjusted (NSA) home values declined by 0.5% in August 2025. On a seasonally adjusted basis, home values also decreased, though more modestly, at -0.1%.
Nationwide, home values depreciated for the second consecutive month as the summer season ended, signaling downward pressure ahead unless lower mortgage rates will bring buyers back into the market.
Valuation Model Datasheet
Key Insights At State Level
On a year-over-year basis, eight states are now in negative territory, led by the District of Columbia, Florida, Texas, and Arizona. At the other end of the spectrum, Connecticut and Wisconsin continue to show the strongest annual growth in home values.
On a month-over-month basis, about 80% of U.S. states were in negative territory in August 2025. Even the states in positive territory only recorded modest monthly gains, all of them below 1%. They were led by Kentucky, Wyoming, and New York.
On a non-seasonally adjusted basis, the median month-over-month change in home values was approximately -0.5%, only slightly lower than last month but a sharp drop from two months ago, when the figure was solidly positive at around +0.4%.
Top 50 CBSA Markets
On a year-over-year basis, approximately 45% of the top 50 CBSA markets recorded home value depreciation through August 2025. North Port–Sarasota (FL) and Austin (TX) still stand out, with annual declines nearly three times larger than those in the next tier of markets. Meanwhile, Milwaukee (WI) and Hartford (CT) still show the strongest annual home value growth, above 6%.
On a month-over-month basis, over 90% of the top 50 CBSA markets were in negative territory on a non-seasonally adjusted basis. New Orleans (LA), Denver (CO), and Milwaukee (WI) saw the largest monthly drops, each exceeding 1%. It’s particularly notable to see Milwaukee (WI) in this group, as it has been one of the leaders in annual growth, which appears to be eroding rapidly.
On a non-seasonally adjusted basis, the median month-over-month home value change among the top 50 CBSA markets remained at -0.6%, unchanged from last month. However, home value depreciation continues across most markets. While the depth of depreciation appears to be stabilizing compared to July 2025, the breadth of depreciation is still expanding.
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.
