Appraisal volume posted a slight resurgence in the latest National Appraisal Volume Index report from a la mode.
For the week of Aug. 7, the National Appraisal Volume Index picked up the pace and increased 5.5%, up from the prior report’s 1.4% rise.
This is the steepest rise in the last four weeks.
The chart below shows appraisal volume, exclusive to HousingWire readers, over the last four weeks.
Click to enlarge
(Source: a la mode)
Kevin Golden, director of analytics with a la mode, noted that this week’s results mark the highest non-holiday influenced four-week period since early spring.
Appraisal volume is an indicator of market strength and holds some advantages over weekly mortgage applications.
For example, fallout is less for appraisals since they are ordered later in the mortgage process, after creditworthiness is determined, and there are few multiple-orders, by the time an appraisal is conducted.
Mortgage Bankers Association is slated to post its newest results Wednesday morning. Looking at the previous week’s results, mortgage applications increased 7.1% from the previous week. Refinance application drove the increase, rising 10% from the previous week.