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New Home Purchase Applications Ramping up for Spring

Posted To: MND NewsWire

True to tradition, new home sales appear to have moved higher in March as the calendar closed in on the start of the spring market. The Mortgage Bankers Association (MBA) estimates sales of newly constructed homes increased by 7 percent compared to February and are 12 percent higher than a year earlier. This change does not include any adjustment for typical seasonal patterns. Based on the application data, MBA forecasts that home sales were at a seasonally adjusted annual rate of 714,000 units in March. This is a decline of 4.5 percent from the February rate of 748,000 units. On an unadjusted basis, the forecast is for 72,000 new home sales in during the month, an increase of 10.8 percent from 65,000 sales in February. “New home purchase application activity is typically strong in March, and…(read more)

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