Builder Magazine
Home values continue to lag owners’ expectations, Quicken Loans, Detroit reported Tuesday.
Appraised values were an average of 1.93% lower than what homeowners expected, according to Quicken Loans’ National Home Price Perception Index (HPPI). The gap between estimated value and appraised value, on a national level, continued to widen for a sixth consecutive month.
Appraisals are falling farther from owner estimates, but they are rising higher each month. Home values rose an average of 0.63% in May, and increased 4.92% year-over-year, as measured by Quicken Loans’ National Home Value Index (HVI).
