Skip to main content

Home Values See Largest Monthly Climb in Five Years

Oct 09, 2019
Photo credit: Getty Images/AndreyPopov

Home values were up nationally by 2.15 percent from August to September, according to new data from Quicken Loans. This marked the largest monthly increase in nearly five years. Values were up by 6.52 percent from September 2018.
On a regional measurement, the West saw the largest monthly jump in home values at 2.93 percent while the Midwest achieved the largest annual improvement with a 6.34 percent increase in average appraised value.
 
“Despite the start of the school year, and the introduction of cooler temperatures in parts of the country, home shoppers are still active,” said Bill Banfield, executive vice president of capital markets for Quicken Loans. “Buyer interest, combined with persistently low home inventory, continues to drag up home values. With August’s jump in homebuilding, at its highest level in 12 years there could be some hope on horizon for home shoppers who haven’t been able to find a home that is a perfect fit at the right price.”
 
Quicken Loans also reported the average home appraisal in September was a mere 0.49 percent lower than what homeowners expected in September, down from 0.64 percent in August. The Detroit-based company’s National Home Price Perception Index determined the average appraisal was higher than expected in 55 percent of the metro areas tracked for the data report, while all of the metros with average appraisals lower than the homeowners’ estimate had a less than a two percent gap between the expectation and the actual appraised value.
 
“Underestimating your home value could, understandably, feel like a windfall,” added Banfield. “But if a homeowner overestimates their home value, the mortgage could need to be reworked when refinancing–possibly even requiring the owner to bring more cash to the closing table.”
Home values were up nationally by 2.15 percent from August to September, according to new data from Quicken Loans

 
About the author
Published
Oct 09, 2019
Rocket Companies Reports Decline in Fourth Quarter Revenue, Projects Optimism for Future Growth

Despite revenue dip, mortgage giant sees increase in market share and advances in AI technology.

Feb 22, 2024
Broker Action Coalition Unveils Inaugural Board Of Directors

Newly formed nonprofit organization BAC announces industry professionals to guide its mission of legislative change and educational initiatives in the mortgage industry.

Feb 21, 2024
GSEs Report Strong Earnings

Robust performance marks growth for both Fannie Mae and Freddie Mac, despite a dip in home purchases.

Feb 15, 2024
Friendly Competition Joins Forces

The merger aims to enhance local fulfillment and sales support, marking Guild’s sixth acquisition since 2021 and expanding its licensed originators to over 2,100 amidst a challenging market.

Feb 14, 2024
Guild Mortgage Announces Acquisition Of Competitor Academy Mortgage, Bolsters National Presence

The strategic move will see Guild Mortgage enhance its market share and become the 8th largest non-bank retail lender in the U.S., welcoming over 600 loan officers from Academy.

Feb 13, 2024
Proprietary Capital-Led Group Acquires Multichannel Lender AFR

Colorado-based fund manager Proprietary Capital finalizes acquisition of American Financial Resources.

Feb 13, 2024