TerraIndex™ HPI

September 9, 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 increased 1.5% year-over-year, consistent with the readings from the previous three months.

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On a month-over-month basis, non-seasonally adjusted (NSA) home values declined 0.4% in August 2026. On a seasonally adjusted basis, home values were essentially unchanged.
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Nationwide, non-seasonally adjusted home values fell for the second consecutive month, marking a continued loss of monthly price momentum.

 

Key Insights At State Level

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On a year-over-year basis, 20% of states remain in negative territory, with Texas, Colorado, Nevada, Washington, and Georgia leading the declines. In contrast, Wisconsin posted the strongest annual growth, at approximately 6.3%.
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On a month-over-month basis, nearly 80% of states experienced NSA home value depreciation in August 2026, up from 70% in the prior month. Monthly depreciation also became more prevalent across Midwest and Northeast markets.
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On a non-seasonally adjusted basis, the median month-over-month change in home values fell to -0.4% in August 2026, continuing the deterioration observed in the prior month, albeit at a more moderate pace.

Top 50 CBSA Markets

TerraIndex™ HPI Dec 2025 Top 50 CBSA
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On a year-over-year basis, approximately 40% of the top 50 CBSA markets recorded home value depreciation through August 2026, with Austin (TX) continuing to lead the group. In contrast, New York (NY), Milwaukee (WI) and Hartford (CT) continue to outperform the top 50 CBSA market cohort.
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On a month-over-month basis, all top 50 CBSA markets, except New York (NY) and Milwaukee (WI), experienced home value depreciation in August 2026. Atlanta (GA), Boston (MA) and Seattle (WA) led the group, each posting non-seasonally adjusted declines of roughly 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 was -0.6%, slightly weaker than the prior month. Annual home value trends remained comparatively stable even as monthly depreciation became increasingly widespread in August.

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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