TerraIndex™ HPI

June 10, 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 1.6% year-over-year, a modest increase from 1.2% a month ago.

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On a month-over-month basis, non-seasonally adjusted (NSA) home values increased by 1.1% in May 2026, while seasonally adjusted values rose by 0.2%.

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Home values ended the 2026 spring season with mixed results. After a strong start, the market shifted into a holding pattern, driven by renewed affordability challenges.

Valuation Model Datasheet

 

Key Insights At State Level

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On a year-over-year basis, 20% of states experienced declines in home values, with Texas, Arizona, the District of Columbia, Colorado, Florida and Nevada leading the group. New York continues to post the strongest annual growth.
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On a month-over-month basis, all states except Mississippi and Hawaii experienced home value appreciation in May 2026. New Jersey, Connecticut and Pennsylvania recorded the strongest monthly gains.
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On a non-seasonally adjusted basis, the median month-over-month change in home values was +1.1% in May 2026, similar to the previous month but lower than levels seen at the start 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, 46% of the top 50 CBSA markets remained in negative territory through May 2026. Austin (TX) and Cape Coral (FL) continue to lead the pack, with the steepest annual declines. In contrast, Chicago (IL), Hartford (CT), Cleveland (OH), and Pittsburgh (PA) recorded the strongest annual home value growth.
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On a month-over-month basis, all top 50 CBSA markets – except San Jose (CA) and Cape Coral (FL) – experienced home value appreciation on a non-seasonally adjusted basis, led by Pittsburgh (PA). Market momentum continues to move away from select Western markets, such as San Jose (CA), which posted strong monthly gains earlier in the spring season.
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On a non-seasonally adjusted basis, the median month-over-month home value change among the top 50 markets was +0.7% in May 2026, significantly down from +1.1% in the prior month. Home value growth remains subdued across most markets in May 2026, even as we enter the typically active summer season.

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.