Home values dipped slightly month-to-month in March, though they remained up from their 2014 levels, according to data released Tuesday by Detroit-based Quicken Loans.
Quicken's Home Value Index noted a 0.56% drop in home values in March from the month prior. While home values nonetheless remained 6.42% higher year-over-year, yet again this was a decrease from in February when the figure rested 8.46% above 2014's numbers.
"The market is in a lull right now, and all eyes are focused on homeowners as they decide whether to list their home," Quicken chief economist Bob Walters said in the release. "The upcoming peak real estate season could set the course for the market and push home values positively or negatively in a big way."
The Western states experienced the biggest gains year-over-year at 6.38%, while home value growth was more tepid in the Northeast at 2.44%.
Quicken also reported the results of its Home Price Perception Index, which found that homeowner estimates exceeded appraiser opinions for the second straight month. Nationwide, appraiser opinions were 0.4% lower than homeowners in March, a slightly bigger difference than the 0.13% discrepancy noted a month earlier.
Still, in 17 of the 27 metro areas specifically analyzed by Quicken, appraiser opinions remained above homeowner estimates. Tampa, Fla., was the only city to see appraiser opinions switch from positive to negative during the month.
Both the HVI and HPPI utilize Quicken's proprietary mortgage data for activity across more than 3,000 counties around the country.
