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The average home appraisal in June was 0.71 percent lower than owners’ estimates, according to the Quicken Loans’ National Home Price Perceptions Index (HPPI). After six months of growing gaps, this is the second month in a row that the two data points tightened, showing that owners and appraisers share similar opinions of home values nationwide as spring home-buying season gives way to summer.

Home Price Perception Index, July 2019 (Credit: Quicken Loans)

The declining margin between the two data points reflects the tightening perceptions in the metro areas studied, with only three cities having reported a 1.5 percent difference between perceived and actual home values. Chicago and Philadelphia had their homes appraise an average of 1.52 percent and 1.69 percent lower than what homeowners expected, respectively. On the other hand, Charlotte-area homes appraised and average of 2.01 percent higher than what homeowners estimated.

“The refinance share of mortgage activity is at its highest rate since January of 2018, and it appears that homeowners have done their due diligence on their home’s value as millions across the country refinance their home loans,” says Bill Banfield, Quicken Loans executive vice president of Capital Markets. “This decline in the discrepancy between perceived and appraised value should encourage homeowners who are contemplating a refinance, knowing that appraisals are not likely to disrupt the process when they take advantage of low rates.”

Quicken Loans’ Home Value Index (HVI) shows that appraised values rebounded from May’s more than 1 percent decline, as the average home appraised 0.56 percent higher in June. Additionally, the average home increased in value by 4.78 percent since June of last year, providing significant equity to millions of homeowners.

The increase in appraisal values is due in large part to the West, where home values experienced a 1.87 percent jump, leading the nation. The Northeast experienced a 1.00 percent month-over-month increase. While the Midwest and South experienced decreases in appraisal values, both were less than 0.25 percent. All regions have reported year-over-year increases in appraisal values, ranging from 3.83 percent in the South to 5.20 percent in the West.

“I’m encouraged that the only regional declines in monthly appraisal values were less than a quarter percent, while the increases were both by at least one percent,” Banfield says. “Additionally, the annual increase in home values continues to grow, showing that homeowners are much better off than they were a year ago as their homes continue to build value.”

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

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