TerraIndex™ HPI

January 11, 2023

Key Insights At National Level

TerraIndex™ National Jan 2023

Nationwide, home values for combined single-family detached and single-family attached properties increased by 5.4% in December 2022 compared to December 2021. This is the lowest year-over-year increase in more than two years.


Month over month, home values went down by 1.1% in December compared to November 2022.


Nationwide, home values are down by 5.1% through the end of 2022 compared to their June 2022 market peak.


Key Insights At State Level

TetraIndex™ State Jan 2023

On a year-over-year basis, there are six states that have seen an annual decline in home values at the end of 2022. Idaho leads the pack at -4.0%, followed by Arizona (-1.9%), Oregon (-1.8%), Washington DC (-1.7%), California (-1.5%) and Nevada (-1.4%).


Florida continues to show the highest year-over-year increase at 10.3%, but also has the sharpest drop since the May 2022 year-over-year increase peak of 31.3%.


Since the June 2022 market peak, Idaho again has the biggest drop at -14.9% followed by Arizona, Nevada, Colorado, Oregon, Washington, Utah, and California which are all recording 10% or more declines in home values.

Top 50 CBSA Markets

TetraIndex™ Top 50 Jan 2023

Since the June 2022 market peak, all top 50 markets turned negative by the end of 2022, with San Francisco (CA) at -19.2% approaching the critical -20% threshold. In the top 10 decliners are also San Jose (CA), Phoenix (AZ), Las Vegas (NV), Seattle (WA), Sacramento (CA), Denver (CO), Portland (OR), San Diego (CA) and Los Angeles (CA).


Over the last four weeks of 2022, the Phoenix (AZ) and Denver (CO) markets recorded the largest declines, of more than 2%. Also, there are some markets that are recently accelerating their fall, i.e., Memphis (TN), Birmingham (AL) and New York – Newark – Jersey City, where more than one third of the decline from the June 2022 market peak occurred in the last four weeks of 2022.

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 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. That allows TerraIndex™ HPI to provide the most current market insights, being weeks faster than most other housing indices in the U.S.

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.