Markets & Economy

MBA reports new-home sales kept climbing in June

Trade group's early estimate did not agree with census data in May

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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 numbers released 11 days later by the Census Bureau. The Census Bureau, which has been tracking new-home sales since 1963, reported that new-home sales jumped 18.6 percent from April to May, to a ...