Appraisal volume tumbled 13.2% for the week of May 29 given the Memorial Day Weekend. Despite the decline, this is less than the average drop for the holiday week of 15.8% since 2007, the latest National Appraisal Volume Index from a la mode found.
a la mode is an appraisal forms software company that provides its findings exclusively to HousingWire.
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(Source: a la mode)
Kevin Golden, director of analytics with a la mode, added that the four-week average dropped to a negative -2.9% average, but it was expected with the holiday.
Even with the holiday, Golden said appraisal volume continues to move along steadily.
Appraisal volume is an indicator of market strength and holds some advantages over mortgage applications.
For example, fallout is less for appraisals since they are ordered later in the mortgage process, after credit worthiness is determined, and there are few multiple-orders, by the time an appraisal is conducted.
a la mode captures 50% of the appraiser market – more than 6 million appraisals per year.
