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MBA Predicts New Home Sales Surge in July

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) is predicting another strong month for new home sales. The association says its Builder Application Survey (BAS) data for July 2020 shows mortgage applications for new home purchases increased 39 percent compared to a year ago and is up 1 percent compared to June. This would be the second consecutive month of annual increases. This change does not include any adjustment for typical seasonal patterns. Based on these results, as well as assumptions regarding market coverage and other factors, MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 890,000 units in July. This is 15 percent higher than their June pace of 774,000. On an unadjusted basis, MBA estimates that there were 72,000 new home sales in July 2020…(read more)

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