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Mortgage Bankers Association Predicts Sharp Increase in New Home Sales

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) is forecasting a sizable jump in new home sales in January. Based on responses to its Builder Application Survey (BAS), MBA estimates that applications for the purchase of newly constructed homes rose 18.4 percent compared to those during the previous January and were up 34 percent from December. The change is not adjusted to reflect typical seasonal patterns. Based on the application volume and other market data, MBA estimates sales during the month were at a seasonally adjusted annual rate of 700,000 units. This would mark a gain of 26.4 percent from December’s pace of 554,000 units. On an unadjusted basis, the estimated change from December was 35 percent, rising from 40,000 to 54,000 new homes sold. “Mortgage applications for new homes surged in January…(read more)

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