The gap between what a homeowner thought their property was worth and the value assigned by an appraiser was at its narrowest point in three years in June, according to the retail mortgage lender Quicken Loans.

The average appraisal fell just 0.25 percent short of a homeowner's estimate. June marked the most accurate month for homeowner estimates, on average, since February 2015.

Homeowner estimates have gradually moved closer to appraised values in the past year. The typical appraisal was 1.7 percent below expectations in June 2017, but just 0.33 percent lower in April and 0.34 percent lower in May.

"Getting an accurate market value is an important, albeit often misunderstood, part of the mortgage process," said Bill Banfield, executive vice president of capital markets at Quicken Loans. "The valuation has historically involved an appraiser coming to personally inspect the home and give their personal opinion of its value. Now more technology is becoming available to modernize the appraisal process. However, even with a more data-based approach, there can be some disconnect between the appraised value and homeowner's perception of value. We hope the Home Price Perception Index can shine some light on that gap, limiting surprises during a home sale or mortgage refinance."

Perceptions varied by region, with the typical appraisal in the West coming in 0.04 percent higher than expected. Average appraisals were 0.3 percent less than expected in the South, 0.33 percent lower in the Northeast, and 0.42 percent lower in the Midwest.

Quicken Loans also looks at 27 major metropolitan areas to see differences in value perceptions. In 20 of these cities, appraisals were higher than a homeowner's estimate.

Values were most likely to exceed expectations in San Jose, Calif., where the average appraisal was 3.25 percent more than a homeowner's estimate. The typical appraisal was 2.69 percent more than expected in Denver and 2.55 percent higher in Boston.

On the other end of the spectrum, the average appraisal fell 1.69 percent short of a homeowner's estimate in Chicago. It was 1.46 percent lower in Cleveland and 1.22 percent lower in Baltimore.

In addition to value perceptions, Quicken Loans looks at home values each month. Its Home Value Index measures current values against those of January 2005, with a figure of 100 indicating that values are the same as they were in that month.

In June, the national Home Value Index stood at 108.17. This was down 0.63 percent from May, but a year-over-year increase of 4.57 percent.

"The home value growth in June reflects a much healthier housing market than we have seen in years past," said Banfield. "Some fluctuation month-to-month is normal for a well-functioning real estate market. The annual appraisal changes are also in a healthy range. This slow rise, not straying too far from the inflation rate, helps keep control of affordability."

The Home Value Index in the Northeast was 100.37, down 3.25 percent from the previous month but up 3.68 percent from June 2017. In the Midwest, the index of 90.96 marked a 1.11 percent increase from May and a year-over-year increase of 5.35 percent.

The index crept up 0.25 percent to 132.01 in the West, a jump of 5.76 percent from the previous year. In the South, the index rose 4.78 percent from June 2017 to 110.26; this was a drop of 0.68 percent from May.

The Home Price Perception Index is based on information from refinance mortgage applications, where a homeowner estimates the value of their property and an appraiser sets a value later in the process. The Home Value Index relies on a national database of both purchase and refinance mortgages.