Appraisal volume rose again this month, increasing 3.8% for the week of March 6, according to the latest report from a la mode, an appraisal forms software company that tracks appraisal volume throughout the country. This is up from 2.8% the week of February 28, pushing the four-week average up to 3.8%.
Kevin Golden, Director of Analytics with a la mode, commented on the report saying, “A modest start to the spring buying season has kept the growth positive while refinances have slowed down.”
Appraisal volume is an indicator of market strength and has some advantages over mortgage applications. 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.