Quarterly Home Price Appreciation (Annualized %) is the change in home prices from three months earlier, then annualized (multiplied by four) to express it as an annual-equivalent appreciation rate.
Quarterly comparisons carry more noise and bounce around more than annual comparisons — but they can also spot market reversals and changes faster, because they only look back three months instead of a full year. Choose it from the dataset picker (under Appreciation Rates) to shade the Map or rank The Table; for the version with inflation removed, see Inflation-Adjusted Quarterly Home Price Appreciation.