For the first time in six month, the gap between homeowner estimates and appraiser opinions expanded, according to the latest National Home Price Perception Index (HPPI) released by Quicken Loans.
The new HPPI data found the average appraisal value dropped 1.33 percent below owner expectations in December, a turnaround from the trend during the second half of last year that found a narrowing of valuation opinions between homeowners and appraisers. Last month also saw a decline in appraisal values, with Quicken Loans’ Home Value Index determining that average home value was 1.19 percent lower in December than in November. On a year-over-year basis, appraised values rose by 3.85 percent.
“Home value growth has been mostly driven by enthusiastic buyers vying for a smaller than usual inventory of properties,” said Quicken Loans Chief Economist Bob Walters. “Appraised values have dipped along with the seasonal decline in sales around the winter months. It’s yet to be seen if value growth will build as sales rise in the spring, or as construction increases.”
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