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Average appraised values in December were 1.8 percent lower than the homeowners’ opinion of their home’s value, according to Quicken Loan’s national Home Price Perception Index (HPPI). December is the 11th straight month when appraised values were lower than homeowners expected, although December marks the fourth month the gap between the two values have narrowed.

Quicken Loans’ national Home Value Index (HVI) – the only measure of home values based solely on recent appraisals used in mortgage transactions – showed home values continuing to climb in December. Appraised values increased a modest 0.18 percent from November, but have risen a steady 5.81 percent since December 2014 and 3.8 percent since the beginning of the year.


Home Price Perception Index (HPPI)

Appraised values continued to fall below homeowner estimates in December. On average, appraiser opinions were 1.8 percent lower than the value homeowners expected, according to the national HPPI. Many of the metro areas studied also showed perception moving closer to equal. Appraisals remained higher in Western cities, while homeowner expectations topped appraised values in many of the Northeastern and Midwestern cities examined.

“The narrowing of the perceived vs. appraisal value gap is an excellent way to end the year,” says Quicken Loans Chief Economist Bob Walters. “The more homeowners are in line with appraisers, and understand the equity in their home, the easier it will be to refinance their mortgage. In the same vein, if homebuyers understand how the local market is performing, they will be better equipped to come in with a strong offer on the home of their dreams.”

Home Value Index (HVI)

Home values continued to rise in December, inching up 0.18 percent since November, while showing a healthy 5.81 percent increase since December 2014, according to the National HVI. There were small monthly variations in all of the regional areas examined, along with notable annual increases. The West remains the leader in annual home value growth, rising 8.61 percent since December 2014, while the Northeast trails all other regions with a 1.87 percent increase.

“2015 bookends with the same story we have heard throughout the year – a housing supply that trails the demand, continuing to push values higher,” says Walters. “The market could benefit from homeowners taking advantage of the equity they are building, and make their home available to the many eager buyers. This could give buyers a chance to find the home they have been waiting for.”

For more information, visit QuickenLoans.com/Indexes.

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