Quicken Loans, the nation's second largest home mortgage lender, reported the week of Nov. 10 that home values in most of the nation's major metropolitan areas continued to increase in October, rising an average of more than 2% from September to October of this year.
Year over year, home prices rose 3.35% in October 2014 compared to October 2013, the company said.
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The lender reported the South and Northeast regions showed the strongest home appreciation in October with the West showing a slight increase and the Midwest remaining flat.
Cities that lead the trend included Houston, San Jose, Calif., New York City and Charlotte, N.C., all of which showed the largest month-over-month gains while Chicago, Boston, Portland, Ore., and Minneapolis, showed significant month-over-month depreciation due to weakening housing markets.
"The vast majority of the country is seeing steady, single-digit, home value increases. This is the healthy momentum we look for in a stable housing market," according to Quicken Loans Chief Economist Bob Walters. "In most markets, home values are making up the ground they lost during the recession."
"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," Walters explained.
"The closer together the appraiser and homeowner opinions are, the more homeowners understand 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," he added.
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