Lat month, the Federal Housing Finance Agency (FHFA) published its Q1 2023 data for the Uniform Appraisal Dataset (UAD) Aggregate Statistics, and has included new statistics and property characteristics in its Data File and Dashboards.
The FHFA UAD Aggregate Statistics now include data on residential property sales comparables, the agency said. The addition of this information could provide quantitative insights into the appraisal process, the FHFA said, since comparables are a leading method used to assess property values.
UAD aggregate statistics have also been updated with additional property attributes, including lot size categories; property condition ratings; the presence of an accessory dwelling unit (ADU); and the largest race/ethnicity group in a tract.
“[This] release significantly increases the number of individual statistics FHFA had previously made available to the public,” said FHFA Director Sandra Thompson in a statement announcing the move. “The new and updated data further demonstrate our commitment to transparency and to providing access to information that can help deter appraisal bias.”
The FHFA also added two new dashboards for census tract data and appraisal gap statistics, the agency said.
“The Census Tracts Dashboard allows the public to more easily explore data at the census tract level, which had previously only been accessible to users with advanced statistical software,” the announcement states. “The Appraisal Gap Dashboard highlights disparities in the proportion of borrowers whose property had an appraised value below the contract price.”
Combating appraisal bias has been a key focus of the housing agenda for the Biden administration. Last month, Vice President Kamala Harris highlighted the inter-agency work tackling the issue, citing instances that have come to the attention of the White House and the government’s housing authorities.
“Systemic change is needed,” Harris said at the time.
