Quicken Loans just released its Home Price Perception Index (HPPI) with data as recent as January showing that appraisers’ opinions of home values were only 0.18 percent higher than homeowners’ estimates, according to the index’s national composite.

According to Quicken Loans, this marks the closest the two opinions have been since September 2013. In addition to the value perception gap closing, home values also increased 5.63 percent in January compared to the previous year.

The Quicken Loans HPPI, which evaluates perceptions of the housing market, reports that appraisers’ opinions of home values were 0.18 percent higher than homeowner opinions. This gap has narrowed measurably since the prior month, when the difference was 1.43 percent.

The two value opinions are also closer than the previous year when appraiser opinions were 2.11 percent higher than homeowner estimates.

The report showed appraiser and homeowner opinions on value narrowing in metro areas as well. Despite the trend toward agreement in value, Quicken Loans says appraisers in more than 74 percent of the metro areas evaluated continue to experience higher opinions of home values than the homeowners.

This means homeowners may still have more equity in their home than they realize, with every region measured by the HVI seeing home value gains. And which region marked the largest increase?

The Quicken Loans HPPI says the Midwest was tops across the nation with monthly growth of 2.62 percent and a 9.31 percent annual home value increase.

Reprinted with permission from RISMedia. ©2015. All rights reserved.

Do you have any real estate questions?  Give Connie Vallone a call at 713-249-4177 or email connie@knowsrealestate.com .