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overvalued_propertiesHomeowner estimates of their home’s value exceeded appraiser opinions by a wider margin than in July, making August the seventh consecutive month of an increasingly wider gap between opinions. This news is according to Quicken Loans’ recent report that appraiser opinions of home values were 2.65 percent lower than homeowner estimates in August, according to the company’s national Home Price Perception Index (HPPI).

Quicken Loans’ Home Value Index (HVI), a measure of home value changes based on actual appraisals, reported national housing values were nearly flat in August from the month prior, with the slight drop of 0.05 percent. This is less than the 0.27 percent decrease in July. Home values continued to rise annually, showing a 3.24 percent increase in value nationally compared to August 2014.

“While the month-to-month number is interesting to examine, it is not the single most important factor of the HPPI report. Instead, the focus should be on the trend, the direction it’s heading and how fast,” says Quicken Loans Chief Economist Bob Walters. “The perception trend of most of this year suggests homeowners may be assuming that home values have been in a steady, linear path upward. In reality, home values have remained mostly flat this year, and this false assumption may be leaving homeowners disappointed when their appraisals come in.”

Home Price Perception Index (HPPI)

The average difference between homeowner estimates and appraised values continues to increase, according to the national HPPI. In August, the HPPI showed homeowner estimates were 2.65 percent higher than appraiser opinions. Homeowner opinions were 2.33 percent higher than appraiser opinions in July.

Home Value Index (HVI)

Home values were practically flat in August, falling a meager 0.05 percent, according to the national HVI. Values are continuing to climb when viewed at an annual level. Nationally, home values increased 3.34 percent from August 2014.

The Northeast region stands out in the latest HVI findings. It is the only region with a drop in home values in August. Moderating home values are a welcome sign to buyers, and could be especially enticing to those looking to purchase their first home.

For more information and to see supporting graphs, click here.

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