The difference between appraiser and homeowner perceptions continued to increase for the fourth consecutive month in May, Quicken Loans reports.
Appraiser opinions of home values were 1.15% lower than homeowner estimates, according to Quicken Loans’ national Home Price Perception Index.
This is the first time in 22 months appraisal opinions were lower than homeowner estimates by at least 1%.
“The HPPI, more than anything, is a reminder that there is no such thing as a national housing market,” said Quicken Loans Chief Economist Bob Walters. “Every city, and every neighborhood, moves in different directions based on local factors. Consumers need to remember to watch their local area closely to understand the direction their market is heading.”
Home values continued to steadily climb nationally, and in many regions of the country. The national Home Value Index (HVI) increased 0.24% in May from its April level, and rose 4.64% since the previous May.
Quicken Loans’ exclusive look at the gap between the perceptions of appraisers and homeowners showed the difference of home value opinion continued to widen on a national level. Appraiser opinions of home values were 1.15% lower than homeowner estimates according to May’s national index.
This is a larger gap than in April, when the national index showed appraiser opinions 0.69% lower than homeowner estimates. Despite the widening perception gap at the national level, appraiser opinions remain higher in the majority of the metro areas examined.