Key Insights At National Level
U.S. home values for combined single-family detached and single-family attached properties increased by 3.0% in October 2024 from the same month last year, a slight improvement from the lowest annual growth rate of 2024 recorded last month.
On a month-over-month basis, non-seasonally adjusted (NSA) home values were basically flat in October 2024, after slowly falling since mid-summer. On a seasonally adjusted basis, home values increased by 0.4% from a month ago.
Nationwide home values were surprisingly resilient in October helped by the short-lived September fall in mortgage rates, when most of the October sales went under contract. However, their downward trajectory might resume given the recent surge in interest rates.
Valuation Model Datasheet
Key Insights At State Level
On a year-over-year basis, Oklahoma, the District of Columbia, Texas, and Florida were in negative territory through the end of October 2024. Maine and Rhode Island continue to stand apart with the strongest annual home value growth.
On a month-over-month basis, about 60% of the states show non-seasonally adjusted home value depreciation in October 2024. Mississippi, Arkansas, and Montana recorded meaningful home value appreciation of around 1% for the month.
On a non-seasonally adjusted basis, the median month-over-month home value change across all states was -0.1%, which is a significant improvement over the previous three months when the median home value change hovered around -0.3%.
Top 50 CBSA Markets
On a year-over-year basis, seven out of the top 50 CBSA markets recorded annual home value depreciation through the end of October 2024, with Austin (TX) and North Port-Sarasota (FL) leading the pack. At the other end of the spectrum, Cleveland (OH) and Providence (RI) continued to exhibit the strongest annual home value growth.
On a month-over-month basis, about 60% of the top 50 CBSA markets showed non-seasonally adjusted home value depreciation in October 2024, led by Pittsburgh (PA), New Orleans (LA), and Oklahoma City (OK). In contrast, San Francisco (CA) made a comeback in October with about 1% home value appreciation for the month.
Home values demonstrated strong resilience in many markets during October 2024, supported by a temporary drop in mortgage rates. On a non-seasonally adjusted basis, the median month-over-month home value change among the top 50 CBSA markets was around -0.1% in October, a sharp contrast from -0.4% just a month ago.
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.
