Appraisal values in March were an average of 0.36% lower than what homeowners expected, according the Quicken Loans National Home Price Perception Index (HPPI) out Tuesday.
Quicken Loans National Home Value Index (HVI) reported that the average home value rose 1.84% since February and jumped 7.64% year-over-year. Additionally, more than 80% of the metro areas reviewed in the HPPI showed appraisals at, or higher than, the owner's estimate.
"This month's HPPI is great news for home owners who may be thinking of selling their home, or using some of their equity," said Bill Banfield, Quicken Loans executive vice president, Capital Markets. "Not only are owners' and appraisers' views of the housing market getting closer together when looking at the nation as a whole, but homeowners in many major areas are building equity at a rapid pace."
Home equity is continuing to climb, according to the HVI – the only measure of home value change based solely on appraisal data. Nationally, home values rose an average of 1.84% in March. The national index grew 7.64% in the past year. Every region followed the trend of increased appraisal values, ranging from the Northeast showing 5.53% home value growth, to the West reporting a 9.99% jump in appraisal values.
"A monthly increase in home values, after a stable report last month, shows that demand for the few available homes for sale ramped up in March," Banfield said. "The true test will be whether more homeowners decide to take advantage of these their higher home value and provide some much-needed inventory for buyers."
| HVI March 2018 January 2005 = 100 | HVI March 2018 vs. February 2018 % Change | HVI March 2018 vs. March 2017 % Change | HPPI March 2018 Appraiser Value vs. Homeowner Perception of Value* | HPPI March 2017 Appraiser Value vs. Homeowner Perception of Value* |
| National Composite | 108.14 | +1.84% | +7.64% | -0.36% | -1.77% |
*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.
Geographic Regions | HVI March 2018 January 2005 = 100 | HVI March 2018 vs. February 2018 % Change | HVI March 2018 vs. March 2017 % Change | HPPI March 2018 Appraiser Value vs. Homeowner Perception of Value* | HPPI March 2017 Appraiser Value vs. Homeowner Perception of Value* |
| West | 132.86 | +3.54% | +9.99% | -0.16% | -1.46% |
| Northeast | 100.68 | +0.94% | +5.53% | -0.39% | -1.96% |
| Midwest | 88.17 | +0.31% | +5.68% | -0.43% | -1.94% |
| South | 109.52 | +1.37% | +6.23% | -0.44% | -1.75% |
*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.
Metropolitan Areas | HPPI March 2018 Appraiser Value vs. Homeowner Perception of Value* | HPPI February 2018 Appraiser Value vs. Homeowner Perception of Value* | HPPI March 2017 Appraiser Value vs. Homeowner Perception of Value* |
| San Jose, CA | +2.71% | +2.71% | +0.70% |
| Dallas, TX | +2.61% | +2.72% | +2.25% |
| Boston, MA | +2.40% | +2.00% | +1.10% |
| Denver, CO | +2.26% | +2.22% | +2.69% |
| Seattle, WA | +2.20% | +2.01% | +1.31% |
| San Francisco, CA | +1.99% | +1.91% | +1.31% |
| Minneapolis, MN | +1.53% | +1.20% | +0.43% |
| San Diego, CA | +1.41% | +1.30% | +0.30% |
| Charlotte, NC | +1.22% | +1.18% | +0.99% |
| Kansas City, MO | +1.09% | +0.94% | +0.47% |
| Portland, OR | +1.03% | +1.01% | +1.77% |
| Los Angeles, CA | +0.91% | +0.81% | +1.17% |
| Riverside, CA | +0.84% | +0.75% | -0.04% |
| Las Vegas, NV | +0.72% | +0.58% | -0.41% |
| Sacramento, CA | +0.72% | +0.84% | +0.59% |
| Detroit, MI | +0.69% | +0.43% | -1.26% |
| Miami, FL | +0.66% | +0.83% | +0.33% |
| Washington, D.C. | +0.46% | +0.38% | -0.70% |
| New York, NY | +0.42% | +0.19% | -1.65% |
| Phoenix, AZ | +0.40% | +0.47% | -0.57% |
| Tampa, FL | +0.21% | +0.42% | -1.40% |
| Atlanta, GA | +0.06% | -0.07% | -1.01% |
| Houston, TX | -0.92% | -0.85% | +0.53% |
| Baltimore, MD | -1.18% | -1.46% | -3.18% |
| Cleveland, OH | -1.44% | -1.76% | -2.41% |
| Chicago, IL | -1.47% | -1.24% | -2.14% |
| Philadelphia, PA | -1.62% | -1.84% | -3.20% |
