The number of U.S. home appraisals declined between the fourth quarters of 2022 and 2023 as well as between the third and fourth quarters of 2023. For purchase appraisals, the median appraised value increased from the fourth quarter of 2022 to the year-later period while decreasing slightly between the third and fourth quarters of 2023. For refinance appraisals, the median appraised value increased between the fourth quarters of 2022 and 2023 as well as between the third and fourth quarters of 2023.
The Federal Housing Finance Agency (FHFA) published the 2023Q4 update of the Uniform Appraisal Dataset (UAD) Aggregate Statistics Data File and Dashboards on March 22, 2024.1 FHFA is a trusted and leading source of housing finance data, and publishing the UAD Aggregate Statistics provides transparency to the public. This blog presents key summary statistics from this most recent release of the data.
Changes in the Number of Appraisals and Median Appraised Value in the United States
In 2023Q4, as compared to the year-earlier period, the number of appraisals decreased 8.2 percent for purchase and refinance loans combined, 9.6 percent for purchase loans only, and 4.0 percent for refinance loans only (see Table 1). The median appraised value increased 1.0 percent for purchase loans and 4.9 percent for refinance loans.
Compared to the previous quarter, the number of appraisals in 2023Q4 decreased 20.7 percent for purchase and refinance loans combined, 22.6 percent for purchase loans only, and 14.7 percent for refinance loans only (see Table 1). This quarter-over-quarter drop in appraisal volume is consistent with previous years’ decreases in the fourth quarter. Each year since 2013, the number of fourth-quarter purchase appraisals has declined compared to the previous quarter, dropping 20.4 percent, on average.2 Also compared to the previous quarter, the median appraised value decreased 0.3 percent for purchase loans and increased 3.2 percent for refinance loans.
Table 1: Changes in Number of Appraisals and Median Appraised Value by Loan Purpose
| Loan Purpose for Appraisal | Statistic | 2023Q4 | 2022Q4 | Year-over-Year Percent Change | 2023Q3 | Quarter-over-Quarter Percent Change |
|---|---|---|---|---|---|---|
| Purchase or Refinance | Number of Appraisals | 569,658 | 620,811 | -19.9 | 718,548 | -20.7 |
| Purchase | 424,421 | 469,487 | -16.8 | 548,213 | -22.6 | |
| Refinance | 145,237 | 151,324 | -28.3 | 170,335 | -14.7 | |
| Purchase | Median Appraisal Value (Dollars) | 389,000 | 385,000 | 0.0 | 390,000 | -0.3 |
| Refinance | 388,000 | 370,000 | 1.9 | 376,000 | 3.2 |
Source: FHFA. Uniform Appraisal Dataset Aggregate Statistics
Year-Over-Year Changes in Median Appraised Values for Purchase Loans (2022Q4–2023Q4)
Figure 1 shows the year-over-year percent change in median appraised value for purchase loans for each state and Washington, D.C. Thirty-nine states witnessed increases, with the largest gains in New Jersey, Vermont, New York, Iowa, and Massachusetts. The largest declines occurred in Washington, D.C., Texas, Utah, North Carolina, Louisiana, and Colorado.
Figure 1: Year-Over-Year Changes in Median Appraised Value for Purchase Loans, 2022Q4–2023Q4
Source: FHFA. Uniform Appraisal Dataset Aggregate Statistics
Year-Over-Year Changes in Median Appraised Values for Refinance Loans (2022Q4-2023Q4)
Figure 2 describes the year-over-year percent change in median appraised value for refinance loans for each state and Washington, D.C. Forty-seven states and Washington, D.C. experienced increased median appraised values, with the largest increases in New Mexico, Connecticut, New York, and New Jersey. Declines were observed in only Utah, Montana, and Washington.
Figure 2: Year-Over-Year Changes in Median Appraised Value for Refinance Loans, 2022Q4–2023Q4
Source: FHFA. Uniform Appraisal Dataset Aggregate Statistics
Quarter-Over-Quarter Changes in Median Appraised Values for Purchase Loans (2023Q3-2023Q4)
Figure 3 depicts the quarter-over-quarter percent change in median appraised value for purchase loans for each state and Washington, D.C. Forty states and Washington, D.C. witnessed declines, the largest of which were observed in Washington, D.C., Vermont, Michigan, and Iowa. Conversely, the median appraised value rose in five states. New York, Delaware, and Nevada recorded the largest increases.
Figure 3: Quarter-Over-Quarter Changes in Median Appraised Values for Purchase Loans, 2023Q3-2023Q4
Source: FHFA. Uniform Appraisal Dataset Aggregate Statistics
Quarter-Over-Quarter Changes in Median Appraised Values for Refinance Loans (2023Q3-2023Q4)
Figure 4 presents the quarter-over-quarter percent change in median appraised value for refinance loans for each state and Washington, D.C. Forty-two states and Washington, D.C. had increases in median appraised value, with the greatest increases in New York, North Dakota, Alaska, Connecticut, and Kansas. Five states had declines in median appraised value—Vermont, West Virginia, Iowa, Alabama, and Washington.
Figure 4: Quarter-Over-Quarter Changes in Median Appraised Value for Refinance Loans, 2023Q3-2023Q4
Source: FHFA. Uniform Appraisal Dataset Aggregate Statistics
Summary
The 2023Q4 UAD Aggregate Statistics show that the number of appraisals declined over both the last year and the last quarter. Meanwhile, the median appraised value for purchase appraisals increased from last year, with the largest increases concentrated in the Northeast. Conversely, the median appraised value declined over the quarter for purchase appraisals, with the largest drops occurring in the Midwest.
The median appraised value for refinance appraisals rose over the last year and quarter. The largest year-over-year increases were generally concentrated in the Northeast, while the largest quarter-over-quarter increases were more dispersed across the country. These trends could be further explored with the UAD Aggregate Statistics and other FHFA data.
The UAD Aggregate Statistics continue to serve as a key resource to glean information on appraisals. For additional aggregate statistics at the national, state, count, census tract, and metropolitan area levels, see the UAD Aggregate Statistics Advanced Analytics Dashboard, State and County Dashboards, and Census Tracts Dashboard. Trends in the Top 100 Metropolitan Statistical Areas are available in our interactive dashboard: https://www.fhfa.gov/DataTools/Tools/Pages/UAD-Top-100-Metro-Area-Rankings.aspx.
1 UAD Aggregate Statistics are derived from aggregating UAD appraisal records. The UAD is a standardized industry dataset for appraisal information that Fannie Mae and Freddie Mac receive electronically through the Uniform Collateral Data Portal© (UCDP©). The UAD Aggregate Statistics data universe is comprised of single-family properties appraised using Fannie Mae Form 1004/Freddie Mac Form 70. Condominiums, manufactured homes, small multifamily rental properties, and other non-standard appraisals are excluded. The universe includes properties appraised for the purposes of a sale or refinance. Other types of appraisals, such as construction loan appraisals, are excluded. Appraisals for properties in the 50 U.S. states, the District of Columbia, and Puerto Rico are included, while the Virgin Islands and Guam are excluded. For more information, please refer to the UAD Aggregate Statistics Data File Overview document: https://www.fhfa.gov/DataTools/Documents/UAD-Data-Files/UAD-Aggregate-Statistics-Data-File-Overview.pdf
2 The average fourth-quarter percent change in the number of appraisals was calculated by averaging the percent changes between the third and the fourth quarters each year from 2013 to 2024.
Tagged: FHFA Stats Blog; Aggregate Statistics; Appraisals; Data; Data Dashboards; Open Data; Source: FHFA
By: Rashida Dorsey-Johnson
Branch Chief, Statistical Products
Office of the Chief Data Officer
Division of Research and Statistics
By: Diego Saltes
Senior Survey Statistician, Statistical Products Branch
Office of the Chief Data Officer
Division of Research and Statistics