Key Insights At National Level
U.S. home values for combined single-family detached and single-family attached properties increased by 3.5% in December 2024 from the same month last year – in line with the 2024 annual home value growth inferred last month.
On a month-over-month basis, non-seasonally adjusted (NSA) home values decreased by -0.2% in December 2024, which is similar to the previous month. On a seasonally adjusted basis, home values increased by 0.3% from a month ago.
Nationwide home values were surprisingly resilient in 2024 but that might change in the coming year under the increasing pressure of high interest rates, near record home prices and inventory buildup in some geographies.
Valuation Model Datasheet
Key Insights At State Level
On a year-over-year basis, only the District of Columbia and Oklahoma recorded home value depreciation through December 2024. Maine and Rhode Island closed 2024 with outstanding annual home value growth, above 10%.
On a month-over-month basis, about three quarters of the states show non-seasonally adjusted home value depreciation in December 2024. Oklahoma and Louisiana registered monthly home value increases of around 1%.
On a non-seasonally adjusted basis, the median month-over-month home value change across all states went slightly down in December 2024 from last month, to -0.2%, somewhat in line with historical home value trends for this time of the year.
Top 50 CBSA Markets
On a year-over-year basis, Austin (TX) and North Port-Sarasota (FL) had notable annual home value depreciation through December 2024 among the top 50 CBSA markets. Providence (RI), Cincinnati (OH), Cleveland (OH), and San Jose (CA) finished 2024 with strong annual home value growth of around 9%.
On a month-over-month basis, about 75% of the top 50 CBSA markets show non-seasonally adjusted home value depreciation in December 2024, led by Milwaukee (WI) and Detroit (MI). In contrast, Oklahoma City (OK) and New Orleans (LA) recorded some meaningful home value increases for the month.
Home value depreciation continued in most markets during December 2024. On a non-seasonally adjusted basis, the median month-over-month home value change among the top 50 CBSA markets moved to -0.3% in December from -0.1% a month ago, showing signs of home value depreciation picking up steam in some markets.
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.
