The marketer of appraisal software A la mode’s latest National Appraisal Volume Index report shows that national appraisal volume declined by 1.5% for the week of August 21st. This is the first recorded appraisal volume decrease in three weeks, and the drop overtakes the previous week’s 1% gain. The four-week average has fallen by two-tenths of a percent over last week’s four-week average.
A la mode director of analytics Kevin Golden attributes this drop-off to a collective shift of focus away from housing concerns as the school year begins. “The slight cooling is expected this time of year as families get settled for the start of the school year,” said Golden.
Appraisal volume is good precursor of mortgage applications, because appraisals are usually ordered later in the mortgage process. By extension, this rate can indicate the strength of the housing market, according to Brena Swanson of HousingWire.