The average homeowner's estimate of their property's value was just a hair under the appraised figure in March, the retail mortgage lender Quicken Loans reported recently.

In the latest monthly update of its Home Price Perception Index, Quicken Loans determined that the typical appraisal was 0.36 percent lower than a homeowner's expectation. This was down from 0.53 percent lower in February and a considerable improvement from a year ago, when the typical appraisal was 1.77 percent below a homeowner's estimate.

"This month's HPPI is great news for homeowners who may be thinking of selling their home, or using some of their equity," said Bill Banfield, executive vice president of capital markets at Quicken Loans. "Not only are owners' and appraisers' views of the housing market getting closer together when looking at the nation as a whole, but homeowners in many major areas are building equity at a rapid pace."

The report also found that more than 80 percent of the major metropolitan areas reviewed in the report had values that were above the average homeowner's estimate. Twenty-two of the 27 metro areas had appraised values that exceeded expectations, led by San Jose, Calif. (2.71 percent higher), Dallas (2.61 percent higher), and Boston (2.4 percent higher). Appraisals were 1.62 percent lower than expected in Philadelphia, 1.47 percent lower in Chicago, and 1.44 percent lower in Cleveland.

In the four regions identified by Quicken Loans, estimates were closest to the mark in the West. Here, the average appraisal was just 0.16 percent less than expected. Appraisals were 0.39 percent less than expected on average in the Northeast, 0.43 percent lower in the Midwest, and 0.44 percent lower in the South.

Quicken Loans also issues a monthly update of its Home Value Index, where a value of 100 is equal to values in January 2005. The nationwide figure for March rose to 108.14, an increase of 1.84 percent from the previous year and a year-over-year jump of 7.64 percent.

"A monthly increase in home values, after a stable report last month, shows that demand for the few available homes for sale ramped up in March," Banfield said. "The true test will be whether more homeowners decide to take advantage of their higher home value and provide some much-needed inventory for buyers."

The Home Value Index in the Northeast returned to the three-digit level, increasing to 100.68 in March. This was up 0.94 percent from February and 5.53 percent from March 2017.

The West had the strongest price growth overall, with the region's index of 132.86 representing an increase of 3.54 percent from the previous month and 9.99 percent from the previous year. In the South, the Home Value Index was up 1.37 percent from February and 6.23 percent from March 2017 to 109.52. The index in the Midwest climbed 0.31 percent from the previous month and 5.68 percent from the previous year to 88.17.

Quicken Loans' Home Price Perception Index is based on information from its database of refinance mortgages, where a homeowner estimates the value of their property and an appraiser provides a figure later in the process. The Home Value Index is based on information from both refinance and purchase mortgages.