Appraisal volume spent most of the fall seesawing up and down, and when it did post consistent results, it posted consistently down.
However, the latest report from a la mode on appraisal volume is an exception to that.
For the week of Dec 4, the National Appraisal Volume Index rose a slight 0.9%, marking two weeks of increases in a row, a feat not seen since early August.
As a result, the four-week average moved into positive territory for the first time since early October.
Check the chart below, which is exclusively provided to HousingWire, to see appraisal volume over the past four weeks.
Click to enlarge
(Source: a la mode)
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.
The most recent Mortgage Bankers Association Weekly Mortgage Applications Survey posted that mortgage applications slightly dipped .7% from one week earlier for the week ending Dec. 2.