Appraisers diverged with homeowners in November, but only somewhat, according to the latest Quicken Loans National Home Price Perception Index (HPPI). Appraised home values were up 5.01 percent year-over-year, according to the Quicken Loans National Home Value Index.
“Homeowner perception staying at a steady level is a sign of a sturdy housing market,” says Bill Banfield, executive vice president of Capital Markets at Quicken Loans. “Some homeowners may not be as aware of home value changes as the professionals who study the real estate market every day, so any large, sudden spikes or drops in home values are often reflected by a swift widening gap in the HPPI.
“Home values continue to increase, but the rate of increases has started to slow,” Banfield says. “For much of 2018, interest rates have been rising, causing the combined price and associated payment to give some buyers pause. The economy appears to remain strong with a low unemployment rate, suggesting home prices could continue to increase, even if at a slower rate.”
For more information, please visit QuickenLoans.com/Indexes.
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