Key Insights At National Level
The U.S. median home value for about 100 million combined single-family detached and single-family attached properties increased by 1.4% in May 2025 from a year ago, the 5th consecutive month of annual growth deceleration.
On a month-over-month basis, non-seasonally adjusted (NSA) home values increased by 0.7% in May 2025. On a seasonally adjusted basis, home values have been basically stagnant for the last couple of months.
Nationwide home values continued to slowly advance in May 2025, but at a pace significantly below historical averages for this time of the year. The median home value just crossed the $360,000 level for the first time.
Valuation Model Datasheet
Key Insights At State Level
On a year-over-year basis, Florida, the District of Columbia, Texas, and Arizona recorded annual home value depreciation of more than 2% through May 2025. Wisconsin and Connecticut registered the highest annual home value growth of around 7%.
On a month-over-month non-seasonally adjusted basis, most states recorded some home value appreciation in May 2025. That is expected for the end of the Spring season even if the appreciation rate was below historical averages.
On a non-seasonally adjusted basis, the median month-over-month home value change moved further down to 0.7%, from 1.0% in April and 1.3% in March, continuing to surface some signs of downward price pressure as we enter the Summer season.
Top 50 CBSA Markets
On a year-over-year basis, North Port – Sarasota (FL) and Austin (TX) continue to stand alone with the biggest annual home value drops among the top 50 CBSA markets. At the other end, New York (NY), Hartford (CT), Milwaukee (WI), and Providence (RI) recorded solid annual home value growth through May 2025.
On a month-over-month basis, San Jose (CA), San Francisco (CA), and North Port (FL) registered the largest non-seasonally adjusted home value declines among the top 50 CBSA markets, in May 2025. Providence (RI), Pittsburgh (PA), New York (NY), and Hartford (CT) continue to show strong monthly appreciation of above 2%.
Home value growth continues to show signs of deceleration in most markets during May 2025 even as we enter the typically busy Summer season. On a non-seasonally adjusted basis, the median month-over-month home value change among the top 50 CBSA markets moved down to 0.5%, from 1.1% just two months ago.
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.
