Homeowners' estimates of their property's value were closer to the appraised mark in May, according to the latest monthly report by the retail mortgage lender Quicken Loans. This improvement followed six straight months where the typical estimate moved farther away from the appraised value.

The average appraisal in May was 0.79 percent less than expected. This was down from a gap of 0.87 percent in April, but up from the average shortfall of 0.34 percent in May 2018.

"An appraisal can cause a variety of emotions from curiosity of the value, to frustration if it comes in too low and even surprise if the appraised value shows more equity than the homeowner realized," said Bill Banfield, executive vice president of capital markets at Quicken Loans.

Banfield noted how differences between appraised values and estimates are in a "relatively tight band" across the market, and so are less likely to cause disruption to home sales or purchases. Between mid-2015 and mid-2017, average estimates were more likely to fall short by about 2 percent.

In the Northeast, the average appraisal was 0.89 percent less than expected. The typical appraisal fell 0.8 percent short of expectations in the Midwest, 0.76 percent lower in the South, and 0.74 percent lower in the West.

Quicken Loans also looks at value perceptions in 27 major metropolitan areas. Homeowners in Charlotte, N.C. were most likely to get a pleasant surprise, with appraisals coming in 1.99 percent higher than expected on average. The average appraisal was 1.72 percent above estimates in Boston and 1.19 percent higher in Minneapolis.

The average appraisal fell 1.74 percent short of expectations in Philadelphia. Appraisals were typically 1.7 percent less than anticipated in Cleveland and 1.51 percent lower in Chicago.

Quicken Loans' monthly reports also update its Home Value Index, where a figure of 100 is equal to values in January 2005. The national index in May stood at 112.71, down 1.1 percent from April but a year-over-year increase of 3.54 percent.

The index of 103.81 percent in the Northeast was down 0.38 percent from the previous month and up just 0.07 percent from the previous year. The Midwest was the only region with some monthly value increase; its figure of 94.17 was an increase of 0.47 percent from April and 4.67 percent from May 2018.

The Home Value Index in the West was 136.32, down 1.74 percent from the previous month but a year-over-year gain of 3.52 percent. In the South, the index stood at 114.66 – down 0.72 percent from the previous month, but up 3.28 percent from the previous year.

Quicken Loans' Home Price Perception Index is based on a nationwide database of refinance mortgages, where a homeowner estimates the value of their property and an appraised value is determined later in the process. The Home Value Index uses data from both refinance and purchase mortgages.