Opinions Of Values Between Appraiser And Homeowners Widen

Homeowners' average estimate of their home's value stayed consistent in March, while appraised values dipped – widening the gap between the two more than 50% since February. In March, the average appraisal was 0.78% lower than homeowners expected, according to Quicken Loans' National Home Price Perception Index (HPPI), compared to the previous month when appraisers' opinions were 0.50% lower than what owners estimated.
The National Home Value Index (HVI) reported appraisal values dipped 0.20% from February to March. Home values continued to grow annually, rising 3.37% year-over-year. This is a slowdown from the growth in February, when appraised values rose 5.47% year-over year. At a regional level, home values followed a similar blueprint – making minuscule monthly moves, and modest annual increases. The least-performing area was the South, with a 1.45% dip in appraisal values.
The largest month-to-month growth was in the West, where home values increased 0.79%. The annual growth ranged from a 2.19% year-over-year increase in appraisal values in the West, to a 4.11% annual rise the Midwest. These are much more modest increases than over the last few years, but more in line with inflation and wage growth.

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