There’s less than one week left in September, and so far, the month’s recorded quite the roller coaster. However, despite the drastic rise and fall, the months still followed season trends, especially given the beginning of the month included the Labor Day holiday.
In the latest report from a la mode, which is provided exclusively to HousingWire, the National Appraisal Volume Index fell a modest 0.2% for the week of Sept. 18.
This is compared to last week’s report that posted a significant rise after the Labor Day holiday, increasing 14% for the week.
While the four-week average didn’t post too much change, it did move into positive territory, rising to 0.2% for the week.
Check the chart below for an overview of appraisal volume over the past four weeks.
Click to enlarge
(Source: a la mode)
As a reminder, 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.