TerraIndex™ HPI

June 12, 2024

Always be the first to know. Get notified when new reports are published.

Key Insights At National Level

TerraIndex™ National HPI Report May 2024

U.S. home values for combined single-family detached and single-family attached properties increased by 5.9% in May 2024 from the same month last year, the lowest year-over year reading in the last three months.


On a month-over-month basis, non-seasonally adjusted (NSA) home values increased by 0.9% in May 2024. However, on a seasonally adjusted basis, nationwide home values were basically unchanged from last month.


Home value growth lost its momentum in May 2024 which is unusual for the typical Spring buying season. This is the lowest May month-over-month reading since May 2020, around the beginning of the pandemic.


Key Insights At State Level

TerraIndex™ State HPI Report May 2024

On a year-over-year basis, the District of Columbia and Mississippi are still the only ones with home value depreciation through the end of May 2024. Rhode Island and Ohio stand alone with the strongest annual home value growth.


On a month-over-month basis, all but four states show non-seasonally adjusted home value appreciation in May 2024. However, the monthly growth seems to be fairly contained when compared to historical averages for this time of the year.


On a non-seasonally adjusted basis, the median month-over-month home value change among all states was around +1.0% in May 2024, continuing its sharp downward trajectory from 1.9% in March and 1.3% in April 2024.

Top 50 CBSA Markets

TerraIndex™ Top 50 CBSA HPI Report May 2024

On a year-over-year basis, Austin (TX) and San Antonio (TX) are joined by North Port-Sarasota (FL) in showing home value depreciation out of the top 50 CBSA markets. Cleveland (OH) continues to stand apart with the strongest annual home value growth, followed at a distance by San Jose (CA), Providence (RI) and Hartford (CT).


On a month-over-month basis, there are four out of the top 50 CBSA markets with non-seasonally adjusted home values drop in May 2024, namely North Port-Sarasota (FL), San Antonio (TX), San Francisco (CA) and Phoenix (AZ). This is the first month since January when signs of home value depreciation started to emerge in some markets.


Home value growth appears to slow down significantly in most markets even as we approach the end of the Spring buying season. On a non-seasonally adjusted basis, the median month-over-month home value change among the top 50 CBSA markets was around +0.8% in May 2024, a steep decline from the previous two months.

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.