For the first time in awhile, appraisal volume managed to increase for three consecutive weeks.
According to the latest National Appraisal Volume Index report from a la mode, National Appraisal Volume Index slightly increased 1% for the week of Aug. 14.
However, none of the increases over the past three weeks are particularly big.
See the chart below, which is provided exclusively to HousingWire, to see appraisal volume over the past four weeks.
Click to enlarge
(Source: a la mode)
The four-week moving average did slightly decrease to 2.4%, but it is not too far below the 2.6% posted last week, which was the highest non-holiday influenced four-week period since early spring.
Continuing to assess the data each week, Kevin Golden, director of analytics with a la mode, said that the housing market is continuing “to just plod along.”
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.
While the newest mortgage application data will be posted Wednesday morning, last week’s Mortgage Bankers Association report stated that applications dropped 4% from the week prior.