Homeowners and appraisers are slowly starting to get on the same page when it comes to measuring home values, a new gauge shows. Quicken Loans' Home Price Perception Index, a measure of the gap between appraiser and homeowner opinions of home values, shows appraisers' value estimates were on average 1.56 percent higher than homeowners nationally. While November's index represents a slightly smaller gap than in October, when appraiser opinions were 1.58 percent higher than homeowners' estimates, it was wider than a year ago, when the difference was 1.34 percent and widening.
Quicken also reported a 0.3 percent monthly increase in its Home Value Index for November, a drop-off of nearly 90 percent from October's monthly gain. The index is based solely on appraisal data.
Regionally, values saw slight gains in the South, Midwest, and Northeast, while home values in the West were down for the month.
Mortgage applications saw another increase heading into the year's final month, bouncing back after a holiday-adjusted decline. Total mortgage application volumes increased 7-point-3 percent for the week ending December 5, according to survey data from the Mortgage Bankers Association (MBA). The jump, which includes seasonal adjustments, followed a drop of the same amount the week prior. Refinance applications surged 13 percent over the week, also countering a 13 percent decrease recorded at the end of November. The only measure to see any real progress in the past two weeks was the gauge of home purchase applications, which was up another 1 percent after the previous week's 3 percent increase.