TerraIndex™ HPI

March 13, 2024

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Key Insights At National Level

TerraIndex™ HPI National Feb 2024 Report

U.S. home values for combined single-family detached and single-family attached properties increased by 6.4% in February 2024 from the same month last year.


On a month-over-month basis, non-seasonally adjusted (NSA) home values increased by 0.9% in February, which matches the seasonally adjusted change as well.


Nationwide, non-seasonally adjusted home values have recorded their first significant monthly increase in the last six months, in line with the overall seasonal trends.


Key Insights At State Level

TerraIndex™ HPI State Feb 2024 Report

On a year-over-year basis, all states remain in positive territory at the end of February 2024. Rhode Island, Wisconsin and New Hampshire recorded the strongest home value growth, while Louisiana continues to show the lowest annual increase.


On a month-over-month basis, all but four states show non-seasonally adjusted home value appreciation in February. Maine and Rhode Island recorded the strongest monthly home value growth, while Mississippi stands at the other end of the spectrum.


On a non-seasonally adjusted basis, the median month-over-month home value change among all states was around +0.9% in February 2024, in sharp contrast with the previous two months, when the median value change hovered around -0.4%.

Top 50 CBSA Markets

TerraIndex™ HPI Top 50 CBSA Feb 2024 Report

On a year-over-year basis, Austin (TX) and New Orleans (LA) are the only markets with home value depreciation out of the top 50 CBSA markets. At the other end, Providence (RI) is joined by San Jose (CA) and San Diego (CA) to lead the country in annual home value growth.


On a month-over-month basis, all top 50 CBSA markets show non-seasonally adjusted home value appreciation. We continue to see the resurgence of some California markets, with San Jose (CA), San Francisco (CA), and Los Angeles (CA) recording the strongest monthly growth in February.


On a non-seasonally adjusted basis, the median monthly home value change among the top 50 CBSA markets was +1.4%, a high reading for the month of February. The median annual home value growth was around 6.5%, more in line with national and historical averages.

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.