Quicken Index: Home values continue gradual climb

According to the October 2014 home value index by Quicken Loans, residential properties have continued their steady increase in value across the United States. The study found growth in most metropolitan areas: monthly climbs in more than half of urban areas, with 90 percent of them posting increases over the last year. 

Overall, home values are up 3.35 percent from October 2013, with a 2.03 percent increase between September and October of this year. In good news for homeowners, consumer estimates of property values were shown to be lower than those of appraisers. Professional opinion rated 1.58 percent higher than the homeowners themselves, showing that your home might actually be worth more than you think it is. However, the slight gap also indicates a more literate consumership. 

"While everyone would like to be pleasantly surprised to find that appraisers think their home is worth more than they thought, in reality, it is best for homeowner estimates to be as close as possible to appraiser estimates," said Quicken Loans Chief Economist Bob Walters. "The closer together the appraiser and homeowner opinions are, the more homeowners are understanding what is happening to their local housing market. Whether homeowners are looking to sell soon, hoping to refinance or applying for a home equity loan – there are many benefits to understanding the current home value trends in their area."

The report explained that most regions of the country have seen single-digit value increases. The steady rise, according to Quicken Loans, indicates momentum in the economic conditions that create a healthy real estate market. Particularly in the Southern and Northeastern United States, homes posted appreciation, with the largest metro gains in New York City, Charlotte, Houston and San Jose.