AgentIndustry News

New-home applications fall as summer season slips away

Drop in loan applications for newly built homes in line with overall slowdown in purchase mortgage market, MBA says

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Takeaways: Mortgage applications for newly built homes are decreasing; new-home applications fell by 4 percent month over month. On an unadjusted basis, MBA estimated there were 44,000 new-home sales in July, a decrease of 2.2 percent from June’s 45,000 sales. New single-family home sales ran at a seasonally adjusted annual rate of 534,000 units last month, an increase of 7.7 percent from June’s pace of 496,000 units. As mortgage applications for existing homes are flattening out, applications for newly built homes are decreasing, the Mortgage Bankers Association (MBA) reported this week. New-home applications fell by 4 percent from June to July and are in line with the overall slowdown we’re seeing in the purchase mortgage market, the association said as it released its monthly Builder Application Survey. On an unadjusted basis, MBA estimated there were 44,000 new-home sales in July, a decrease of 2.2 percent from June’s 45,000 sales. Lynn Fisher, MBA's...