​​​​​​The number of U.S. home appraisals declined between the third quarters of 2022 and 2023 as well as between the second and third quarters of 2023. For purchase appraisals, the median appraised value remained unchanged from the third quarter of 2022 to the third quarter of 2023 while decreasing from the second quarter of 2023 to the third quarter of 2023. For refinance appraisals, the median appraised value increased between the third quarters of 2022 and 2023 as well as between the second and third quarters of 2023.

This blog summarizes key findings from the Federal Housing Finance Agency’s (FHFA) 2023Q3 update of the Uniform Appraisal Dataset (UAD) Aggregate Statistics Data File and Dashboards released on December 14, 2023. The Agency has published the UAD Aggregate Statistics, the first publicly available data providing insights on U.S. home appraisals, on a quarterly basis since October 2022.

Changes in the Number of Appraisals and Median Appraised Value in the United States

In 2023Q3, as compared to the year-earlier period, the number of appraisals decreased by 19.9 percent for purchase and refinance loans combined, 16.8 percent for purchase loans only, and 28.3 percent for refinance loans only (see Table 1). The median appraised value remained unchanged for purchase loans while it rose 1.9 percent for refinance loans.

Between 2023Q2 and 2023Q3, the number of appraisals decreased by 9.6 percent for purchase and refinance loans combined, 10.7 percent for purchase loans only, and 5.8 percent for refinance loans only (see Table 1). The median appraised value decreased 1.3 percent for purchase loans and increased 1.6 percent for refinance loans.

Table 1: Changes in Number of Appraisals and Median Appraised Value by Loan Purpose

Year-Over-Year Changes​​ for Purchase Loans (2022Q3–2023Q3)

Figure 1 depicts the year-over-year percent change in median appraised value for purchase loans for each state and Washington, D.C. The largest declines occurred in Nevada, Washington, D.C., Utah, Idaho, and Arizona. Thirty-four states witnessed increases, with the largest gains in Vermont, New Jersey, Maine, and New Hampshire.

Figure 1: Year-Over-Y​ear Changes in Median Appraised Value for Purchase Loans, 2022Q3–2023Q3

Year-Over-Year Changes for Refinance Loans (2022Q3–2023Q3)

Figure 2 depicts the year-over-year percent change in median appraised value for refinance loans for each state and Washington, D.C. Declines were observed in Texas, Arizona, Utah, Colorado, Nevada, Oregon, and Washington, D.C. Forty-four states experienced increases in median appraised values, with the largest increases in Vermont, South Dakota, Wyoming, and Iowa.

Figure 2: Year-Over-Year Changes in Median Appraised Value for Refinance Loans, 2022Q3–2023Q3​

Quarter-Over-Quarter Changes​​ for Purchase Loans (2023Q2–2023Q3)

Figure 3 depicts the quarter-over-quarter percent change in median appraised value for purchase loans for each state and Washington, D.C. Thirty-four states witnessed declines, the largest of which were observed in New York, Illinois, Kansas, and Montana. Conversely, the median appraised value rose in 12 states and Washington, D.C. Hawaii, New Mexico, and Rhode Island recorded the largest increases.

Figure 3: Quarter-Over-Quarter Changes in Median Appraised Value for Purchase Loans, 2023Q2-2023Q3

Quarter-Over-Quarter Changes for Refinance Loans (2023Q2–2023Q3)

Figure 4 depicts the quarter-over-quarter percent change in median appraised value for refinance loans for each state and Washington, D.C. Fourteen states had declines in median appraised value, with the largest decreases in Wyoming, Kansas, Delaware, and New York. Thirty-four states had increases in median appraised value, with the greatest increases in West Virginia, Arkansas, and Hawaii.

Figure 4: Quarter-Over-Quarter Changes in Median Appraised Value for Refinance Loans, 2023Q2-2023Q3 ​

Summary

The FHFA 2023Q3 UAD Aggregate Statistics show that the number of appraisals declined over the last year and the last quarter, while the median appraised value was unchanged from last year and declined slightly over the quarter for purchase loans. The median appraised value for refinance appraisals rose over the last year and quarter. Most states reported declines in median appraised value for purchase loans between 2023Q2 and 2023Q3. Most of the largest year-over-year declines in median appraised value for purchase loans occurred in western states, while the majority of the largest quarter-over-quarter declines occurred in southern and eastern states. For refinance loans, the largest declines in year-over-year median appraised value were generally concentrated in western states, while quarter-over-quarter declines were more dispersed across the country. These patterns could be further explored with the UAD Aggregate Statistics and other FHFA data.

The UAD Aggregate Statistics serve as a key resource to glean information on appraisals. FHFA is a trusted and leading source of housing finance data, and publishing the UAD Aggregate Statistics provides transparency to the public.​

For additional aggregate statistics at the national, state, and metropolitan area levels, see the UAD Aggregate Statistics Advanced Analytics 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