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Home appraisals in May were an average of 1.89 percent lower than what homeowners were expecting, according to the national Home Price Perception Index (HPPI) put out by Quicken Loans. This is a slight move toward equilibrium compared to a difference of 1.95 percent in April. The East and Midwest are seeing the same discrepancy as the national aggregate, while the West is bucking this trend, with many of the region’s metro areas appraising higher than owners’ estimates.

Appraised values continued to climb in May. Quicken Loans’ National Home Value Index (HVI) reported values rising an average of 0.79 percent since April, but posting a robust 4.36 percent increase since May 2015. All four regions examined told a similar story – modest monthly growth and substantial annual increases.

On average, American homeowners’ expectation of their home’s value were 1.89 percent higher than the actual appraised value in May. However, it is a very different story in Western cities. Denver had the highest HPPI value in May, with appraisals showing home values an average of 3.28 percent higher than what homeowners thought. Across most of the Eastern and Midwestern cities examined, the owner’s estimate outpaced the value appraisers assigned to the property as evidenced by data from Philadelphia, Detroit and Baltimore – each of whose appraisals were more than 3 percent lower than what homeowners expected.

“The hot housing markets along the west coast are growing quicker than owners realize, giving way to higher than expected prices for buyers and more home equity for existing owners,” says Quicken Loans Chief Economist Bob Walters. “On the other hand, the housing markets are more balanced in the East and Midwest, leading owners to be slightly over enthusiastic about their home’s appreciation.”

The Quicken Loans Home Value Index (HVI), which examines home value changes based solely on appraisals, showed May was yet another positive growth month. Nationally, appraised values increased a tepid 0.79 percent since April, but grew a healthy 4.36 year-over-year. Home values rose in all four geographic regions measured. The West led with 6.21 percent annual growth. The Northeast had slower, albeit healthy, gains in appraisal values with a 2.03 percent increase in the past year.

“Demand for housing coupled with a lack of choice for buyers pushed home values up yet again,” says Walters. “This is a narrative we have heard for quite some time. Many owners aren’t moving on from their current homes, which is holding back available inventory for both first time and move up buyers. With values on the rise, this could prove to be an ideal time to sell – especially in the hot markets where owners could get more than they expected.”

For more information, visit www.QuickenLoans.com/Indexes.

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