The fourth quarter, so far, is continuing the slow volume levels witnessed for most of the past two months.
According to the latest National Appraisal Volume Index from a la mode, which is provided exclusively to HousingWire, appraisal volume deceased 4.1% for the week of Oct. 2.
This marked the third down week in a row and the sixth down week of the last seven.
The only exception to this was the rebound from the Labor Day holiday week, a la mode noted.
As a reminder for those new to the data, 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.
However, lately mortgage applications have posted similar results to appraisal volume, with the latest Mortgage Bankers Association report showing mortgage application ticked up 2.9% from one week earlier.
Check the chart below to see appraisal volume over the past four weeks.
Click to enlarge
(Source: a la mode)