Appraised values posted their strongest monthly increase in more than four years in April, according to the retail mortgage lender Quicken Loans. However, the typical appraisal continued to come in lower than what a homeowner expected.

In the latest update of its Home Price Perception Index, Quicken Loans determined that the average appraisal fell 0.87 percent below the value anticipated by the homeowner. This gap was up from 0.78 percent in March and 0.33 percent in April 2018.

There was little difference in value perceptions among the four regions identified in the report. The typical appraisal fell 0.94 percent short of expectations in the Northeast, 0.87 percent lower in the South, 0.85 percent lower in the Midwest, and 0.83 percent lower in the West.

"The continued widening of the gap between homeowners' and appraisers' viewpoints is evidence of just how hard it can be to keep your finger on the pulse of local housing – especially at the onset of home selling season," said Bill Banfield, executive vice president of capital markets at Quicken Loans. "I encourage homeowners to keep a close eye on the homes selling around them. This can help them to be more realistic when estimating the value of their home to refinance or sell."

In the 27 major metropolitan areas analyzed for the report, appraised values were higher than expected in 15 markets. Boston residents continued to have the most favorable feedback, with the average appraisal in this city coming back 2.08 percent above a homeowner's expectation. The average appraisal was 1.93 percent higher than expected in Charlotte, N.C. and 1.25 percent higher in Denver.

Appraisals were most likely to fall short of expectations in Cleveland, where the average value was 1.95 percent less than a homeowner's estimate. The typical appraisal fell 1.79 percent short of expectations in Chicago and 1.44 percent lower in Philadelphia.

In addition to value perceptions, Quicken Loans does monthly tracking of home values. The Home Value Index for April stood at 113.96, up 1.95 percent from March and 5.43 percent from April 2018. A figure of 100 indicates values equal to those in January 2005.

Value growth was strongest in the Midwest, with the region's index growing 2.11 percent from the previous month and 5.33 percent from the previous year to 93.73. In the South, the index was up 1.74 percent from March and 5.12 percent from April 2018 to 115.49.

The Home Value Index in the Northeast stood at 104.21, a monthly bump of 1.16 percent and an annual gain of 4.81 percent. The index in the West rose 1.58 percent from the previous month and 3.87 percent from the previous year to 138.73.

"Demand for housing is high this spring," said Banfield. "The strong economy is leading more to look for a home, but the persistent low inventory keeps home values rising across the country. These new, higher levels are helping homeowners who are selling or accessing their equity – but the higher prices can make buyers reevaluate their budgets before heading out to open houses."

Quicken Loans' Home Price Perception Index is based on a national database of refinance mortgage applications, which require homeowners to estimate the value of their property; an appraisal is completed later in the process. The Home Value Index is based on data from both refinance and purchase mortgages.