Key National-Level Velocity Index Insights
Published January 11, 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.
Valuation Model Datasheet
Key State-Level Velocity index Insights
Published January 11, 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
Published January 11, 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.
Terratrend™, Quantarium’s Market Velocity Home Value Index
Our Home Value Index (HVI) 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 3rd 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 HVIs at various geography levels – from State, County, CBSA down to Zip Code. That allows Quantarium’s Market Velocity HVIs 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 HVI insights for the month of December 2022 were made available on Wednesday, January 11.