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The Uniform Appraisal Dataset (UAD) Aggregate Statistics are the first comprehensive publicly available data on appraisals. The data from the first quarter of 2023, released in June 2023, provide new statistics and new property characteristics for the first time since the data were initially published. There are five new statistics on comparable properties (comps) and four new property characteristics for the subject property that provide users with novel information to gain even deeper insights into appraisals. This blog provides a description of the new comparable property statistics and property characteristics.1
The UAD Aggregate Statistics now include statistics on comparable properties. Fannie Mae and Freddie Mac require the use of the sales comparison approach in the development of an appraisal report. The sales comparison approach to value is an analysis of comparable sales, contract sales, and listings of properties that are the most comparable to the subject property. 2,3 The appraiser is responsible for selecting the most similar sales compared to the subject property and must account for all factors that affect value when completing the analysis. Table 1 provides a summary of each of the new statistics on comparable properties.
The UAD Aggregate Statistics now include four new property characteristics. These new measures provide additional information on the different land and structural features of the subject property as well as a variable to describe the neighborhood demographics. Table 1 provides a summary of each of the property characteristics.
The June 2023 release of the UAD Aggregate Statistics includes new statistics and new property characteristics. In this blog, we describe the new comparable property statistics and property characteristics. These new measures are key in providing a more complete picture of appraisal trends and dynamics, and users may explore them further in the Data File and Dashboards. FHFA continues to promote public transparency through the release of these new measures as well as the routine quarterly updates of the UAD Aggregate Statistics.
1 Full documentation on all variables (including complete definitions and categorizations) in the UAD Aggregate Statistics is found on the FHFA website at www.FHFA.gov/UAD.
2 https://selling-guide.fanniemae.com/Selling-Guide/Origination-thru-Closing/Subpart-B4-Underwriting-Property/Chapter-B4-1-Appraisal-Requirements/Section-B4-1-3-Appraisal-Report-Assessment/1032992461/B4-1-3-07-Sales-Comparison-Approach-Section-of-the-Appraisal-Report-04-15-2014.htm
3 https://guide.freddiemac.com/app/guide/section/5605.6
4 ADUs are present in a small number of appraisal records in the UAD Statistics. Users should review FHFA documentation on the ADU variable at www.FHFA.gov/UAD.
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
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