MBA Predicts New Home Sales Up in March

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) is predicting a strong increase in new home sales in March. Its Builder Application Survey (BAS), conducted with mortgage subsidiaries of new home builders, found applications for new home purchase mortgages were up 14 percent from February. They still lagged those from a year earlier by 2.6 percent. Those numbers do not include any adjustment for typical seasonal patterns. Using that information as well as other data regarding market coverage, MBA estimates there were 65,000 newly constructed homes sold during the month. This would be an increase of 18.2 percent from the 55,000 new home sales in February. The MBA says its data indicates new single-family home sales were running at a seasonally adjusted annual rate of 682,000 units in March 2018. This...(read more)

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