Originally published on October 5, 2023 by the Federal Housing Finance Agency (FHFA).
While the number of U.S. home appraisals and median appraised values declined year-over-year between the second quarters of 2022 and 2023, both indicators increased between the first and second quarters of 2023.
This blog summarizes key findings from the Federal Housing Finance Agency’s (FHFA) 2023Q2 update of the Uniform Appraisal Dataset (UAD) Aggregate Statistics Data File and Dashboards released on September 29, 2023. The UAD Aggregate Statistics is the only publicly available data providing insights on U.S. home appraisals. Since October 2022, the Agency has published the UAD Aggregate Statistics quarterly.
Year-Over-Year Changes in the United States (2022Q2-2023Q2)
Table 1: Year-over-Year Changes in Number of Appraisals and Median Appraised Value by Loan Purpose for the United States (2022Q2-2023Q2)
| Loan Purpose for Appraisal | Statistic | 2022Q2 | 2023Q2 | Percent Change |
|---|---|---|---|---|
| Purchase or Refinance | Number of Appraisals | 1,192,090 | 783,588 | -34.3% |
| Purchase | 843,524 | 603,714 | -28.4% | |
| Refinance | 348,566 | 179,874 | -48.4% | |
| Purchase or Refinance | Median Appraisal Value (Dollars) | 395,000 | 390,000 | -1.3% |
| Purchase | 400,000 | 395,000 | -1.3% | |
| Refinance | 376,000 | 370,000 | -1.6% |
Table 1 shows that from 2022Q2 to 2023Q2, the number of appraisals decreased by 34.3 percent for purchase and refinance loans combined, 28.4 percent for purchase loans only, and 48.4 percent for refinance loans only. During this same period, the median appraised value declined 1.3 percent for purchase and refinance loans combined, 1.3 percent for purchase loans only, and 1.6 percent for refinance loans only.