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New Home Sales Expected to Surge

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) is expecting new home sales to spike again in June, based on results of its Builder Application Survey (BAS). That survey shows that mortgage applications for new home purchases were up 20 percent from May and 54.1 percent compared to a year ago. The data does not include any adjustment for typical seasonal patterns. Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting said, “The new home purchase market continues to recover – applications surged 20 percent in June, and although this is not adjusted for seasonal impacts, it is another piece of data indicating that homebuying activity that was delayed by the pandemic in March and April is just being realized later in the season. The fact that applications are up over 50 percent…(read more)

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