The number of U.S. home appraisals increased both between the first quarters of 2023 and 2024 and the fourth quarter of 2023 and the first quarter of 2024. The median appraised value for both purchase and refinance appraisals also increased between the same periods.
The Federal Housing Finance Agency (FHFA) published the 2024Q1 update of the Uniform Appraisal Dataset (UAD) Aggregate Statistics Data File and Dashboards on June 27, 2024.[1] The Agency 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 2024Q1, as compared to the year-earlier period, the number of appraisals increased 2.3 percent for purchase and refinance loans combined, 0.1 percent for purchase loans only, and 9.2 percent for refinance loans only (see Table 1). Over the same period, the median appraised value increased 3.1 percent for purchase loans and 8.1 percent for refinance loans.
Compared to the previous quarter, the number of appraisals in 2024Q1 increased 18.3 percent for purchase and refinance loans combined, 16.5 percent for purchase loans only, and 23.5 percent for refinance loans only (see Table 1). This quarter-over-quarter increase in appraisal volume is significantly higher than previous years’ increases in the first quarter. Since 2014, the number of first-quarter purchase appraisals has increased compared to the previous quarter every year except in 2020 and 2021, rising 4.1 percent, on average.[2]
Finally, compared to the previous quarter, the median appraised value increased 2.6 percent for purchase loans and 3.1 percent for refinance loans.
Table 1: Changes in Number of Appraisals and Median Appraised Value by Loan Purpose
| Loan Purpose for Appraisal | Statistic | 2024Q1 | 2023Q1 | Year-Over-Year Percent Change | 2023Q4 | Quarter-Over-Quarter Percent Change |
|---|---|---|---|---|---|---|
| Purchase or Refinance | Number of Appraisals | 673,088 | 657,769 | 2.3 | 569,111 | 18.3 |
| Purchase | 494,008 | 493,704 | 0.1 | 424,075 | 16.5 | |
| Refinance | 179,080 | 164,065 | 9.2 | 145,036 | 23.5 | |
| Purchase | Median Appraisal Value (Dollars) | 400,000 | 388,000 | 3.1 | 389,900 | 2.6 |
| Refinance | 400,000 | 370,000 | 8.1 | 388,000 | 3.1 |
Source: Federal Housing Finance Agency, Uniform Appraisal Dataset Aggregate Statistics
Year-Over-Year Changes in Median Appraised Values for Purchase Appraisals (2023Q1–2024Q1)
Figure 1 shows the year-over-year percent change in median appraised value for purchase appraisals for each state and the District of Columbia. Forty-nine states and the District of Columbia witnessed increases, with the largest gains in Hawaii, Vermont, Rhode Island, New Jersey, and Maine. Oklahoma was the only state to experience a decline, dropping 0.4 percent.
Figure 1: Year-Over-Year Changes in Median Appraised Value for Purchase Loans, 2023Q1–2024Q1
Source: Federal Housing Finance Agency, Uniform Appraisal Dataset Aggregate Statistics
Year-Over-Year Changes in Median Appraised Values for Refinance Appraisals (2023Q1–2024Q1)
Figure 2 describes the year-over-year percent change in median appraised value for refinance appraisals for each state and the District of Columbia. Forty-eight states and the District of Columbia experienced increased median appraised values, with the largest increases in New Jersey, South Dakota, Kansas, New York, and Nevada. Declines were observed only in Delaware and Utah.
Figure 2: Year-Over-Year Changes in Median Appraised Value for Refinance Loans, 2023Q1–2024Q1
Source: Federal Housing Finance Agency, Uniform Appraisal Dataset Aggregate Statistics
Quarter-Over-Quarter Changes in Median Appraised Values for Purchase Appraisals (2023Q4-2024Q1)
Figure 3 depicts the quarter-over-quarter percent change in median appraised value for purchase appraisals for each state and the District of Columbia. Forty-eight states and the District of Columbia witnessed increases, with the largest gains in the District of Columbia, Wisconsin, Illinois, New York, and New Hampshire. Only Texas experienced a decline, while New Mexico experienced no change.
Figure 3: Quarter-Over-Quarter Changes in Median Appraised Value for Purchase Loans, 2023Q4-2024Q1
Source: Federal Housing Finance Agency, Uniform Appraisal Dataset Aggregate Statistics
Quarter-Over-Quarter Changes in Median Appraised Values for Refinance Appraisals (2023Q4-2024Q1)
Figure 4 presents the quarter-over-quarter percent change in median appraised value for refinance appraisals for each state and the District of Columbia. Thirty-eight states had increases in median appraised value, with the greatest increases in Maine, Virginia, Washington, Nebraska, and Nevada. Twelve states had declines in median appraised value, with the largest in Wyoming, Idaho, Arkansas, Oklahoma, and Louisiana.
Figure 4: Quarter-Over-Quarter Changes in Median Appraised Value for Refinance Loans, 2023Q4-2024Q1
Source: Federal Housing Finance Agency, Uniform Appraisal Dataset Aggregate Statistics
Summary
The 2024Q1 UAD Aggregate Statistics show that the number of appraisals increased 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 spread out in the Northeast, Midwest, and West. Similarly, the median appraised value rose over the quarter for purchase appraisals, with the largest increases occurring in the Northeast and Midwest.
The median appraised value for refinance appraisals rose over the last year and quarter. Year-over-year increases were spread throughout all regions of the United States. Fourteen states experienced year-over-year increases in median appraised value of over 10 percent for refinance appraisals. The quarter-over-quarter changes were more mixed, with declines more prevalent in the South and the Mountain states.
These trends reported in this blog 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, county, 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: Top 100 Metro Areas Dashboard.
[1] FHFA derives UAD Aggregate Statistics 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. FHFA excludes condominiums, manufactured homes, small multifamily rental properties, and other non-standard appraisals. The universe includes properties appraised for the purposes of a sale or refinance. FHFA excludes other types of appraisals, such as construction loan appraisals. FHFA includes appraisals for properties in the 50 U.S. states, the District of Columbia, and Puerto Rico, and excludes the U.S. Virgin Islands and Guam. For more information, please refer to the UAD Aggregate Statistics Data File Overview document.
[2] The average first-quarter percent change in the number of appraisals was calculated by averaging the percent changes between the fourth and the first quarters each year from 2013 to 2024.
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