TerraIndex™ HPI

July 8, 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 rose 1.5% year-over-year, remaining below 2% annual growth for the 15th consecutive month.
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On a month-over-month basis, non-seasonally adjusted (NSA) home values increased just 0.4% in June 2026. On a seasonally adjusted basis, home values declined by 0.1%.
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Nationwide, home value appreciation continues to cool off despite the start of the summer season. The moderation in monthly appreciation suggests that seasonal price strength has begun to fade following the spring selling season.

Valuation Model Datasheet

 

Key Insights At State Level

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On a year-over-year basis, Colorado, Arizona and Texas recorded the largest declines in home values. At the other end, Wisconsin, New York, Illinois and Connecticut continue to post strong annual growth, each exceeding 5%.
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On a month-over-month basis, about one in five states experienced home value depreciation in June 2026. Connecticut and New York were joined by North Dakota to round out the top three states with the strongest monthly gains.
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On a non-seasonally adjusted basis, the median month-over-month change in home values was +0.4% in June 2026, a significant decline from +1.1% in the prior month, continuing the moderation observed toward the end of the spring season.

Top 50 CBSA Markets

TerraIndex™ HPI Dec 2025 Top 50 CBSA
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On a year-over-year basis, nearly half of the top 50 CBSA markets were in negative territory as of June 2026. Austin (TX), Cape Coral (FL) and San Antonio (TX) recorded the steepest annual declines. In contrast, Hartford (CT) and Chicago (IL) continue to post strong annual home value growth.
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On a month-over-month basis, about one-third of the top 50 CBSA markets experienced home value depreciation in June 2026, with San Jose (CA) and Seattle (WA) leading the declines. At the other end of the spectrum, Hartford (CT) continues to outperform the rest of the market.
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Home value appreciation continued to moderate across the nation’s largest metropolitan markets. On a non-seasonally adjusted basis, the median month-over-month home value change among the top 50 markets was +0.2% in June 2026, a sharp drop from +0.7% in May and +1.1% in the prior month.

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.