CoreLogic has launched the new automated valuation model (AVM) Total Home ValueX, according to a company press release. The new AVM builds on CoreLogic’s existing Total Home Value suite by improving home value accuracy and the hit rate for applications.

“In 2020, the appraisal industry saw an immediate need to shift from traditional in-person appraisals to consistently precise and dependable digital valuation tools — a need that continues to grow and has no end in sight,” Frank Martell, president and CEO of CoreLogic, said in the press release. “Record-low mortgage rates and a home supply shortage has meant home sellers need immediate valuations to remain competitive. This has created an even higher demand for efficient, accurate and reliable valuation tools.”

Total Home ValueX will use a singular method to produce high-accuracy valuations. In the past, AVMs were made for broad applications which made businesses choose from various models, according to CoreLogic, adding that the new system will eliminate the risk of negative impacts on hit rates and business growth.

Total Home ValueX will provide U.S. residential housing stock values and leverage CoreLogic’s property records. According to the press release, this new system will also use MLS data and other new data sources that have not been used by past AVMs.

“The market continues to change, and it was time to re-imagine the traditional approach to building AVMs,” Olumide Soroye, Managing Director, Property Intelligence & Risk Management Solutions for CoreLogic said. “This ground-breaking AVM platform is powered by a rich data set that is refreshed daily, cloud computing and machine learning techniques leading to superior AVM performance that can be validated with independent testing.”