Luxury Connect
Meet the Luxury Leaders | October 19-20 | Beverly Hills

Sales of new single-family homes climbed slightly from May to June as the spring buying season came to a close, but were still below last year's level, according to an estimate by the Mortgage Bankers Association based on purchase mortgage applications. Results of the latest MBA Builder Application Survey suggest that sales of new, single-family homes climbed 3.2 percent from May to June, to a seasonally adjusted annual rate of 386,000, the MBA said. That would represent a 6.5 percent decline from a year ago. The survey is aimed at providing an early estimate of new-home sales volumes at the national, state and metro level by tracking application volume from homebuilders' mortgage subsidiaries. But the MBA's estimate for new-home sales in May, released on June 13, did not agree with...