Key Insights At National Level
U.S. home values for combined single-family detached and single-family attached properties increased by 3.0% in August 2024 from the same month last year, continuing its deceleration that started five months ago.
On a month-over-month basis, non-seasonally adjusted (NSA) home values decreased by -0.3% in August 2024. On a seasonally adjusted basis, home values slightly decreased by just -0.1% over the last month.
Nationwide home values continued their decrease in August 2024 but at a very slow pace, driven by contained inventories that are still below historical norms and by a slight decrease in interest rates.
Valuation Model Datasheet
Key Insights At State Level
On a year-over-year basis, Mississippi, the District of Columbia, and Oklahoma remain in negative territory through the end of August 2024. Rhode Island and Maine recorded the strongest annual home value growth, above 10%.
On a month-over-month basis, about 80% of the states show non-seasonally adjusted home value depreciation in August 2024. South Dakota, Maine, Delaware and Wyoming still show some meaningful appreciation over the last month.
On a non-seasonally adjusted basis, the median month-over-month home value change among all states was around -0.3% in August 2024, which is similar to last month but a steep decline from two months ago when it was around +0.8%.
Top 50 CBSA Markets
On a year-over-year basis, nine out of the top 50 CBSA markets recorded annual home value depreciation through the end of August 2024, led by North Port-Sarasota (FL). In contrast, Cleveland (OH) and Providence (RI) continue to show the strongest annual home value growth.
On a month-over-month basis, 90% of the top 50 CBSA markets show non-seasonally adjusted home value depreciation in August 2024, led by San Jose (CA) and San Francisco (CA). Only New York (NY) and Raleigh (NC) show some meaningful home value appreciation.
Home value depreciation continued in most markets during August 2024. On a non-seasonally adjusted basis, the median month-over-month home value change among the top 50 CBSA markets was around -0.5%, a faster pace of depreciation than the national level of -0.3%.
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.
