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New Home Sales Improve in October
Sales of new single family houses rose 6.2% to a rate of 430,000 annual transactions, much better than the market's expectation for 410,000 annual sales and 25,000 units higher than the revised annual 405,000 pace reported in September. The estimate of new houses for sale at the end of October was 239,000. At the current annual pace of sales, New Home Supply will last for 6.7 months....the lowest amount of supply since December 2006. The median sales price of new houses sold in October 2009 was $212,200; the average sales price was $261,100.
Loan Application Activity: Refinances Down 9.5%. Purchases Up 9.6%
In the week ending November 20, 2009, new loan application activity decreased 4.5% as the Refinance Index fell 9.5% from the previous week. Offsetting some of the overall decline was a 9.6% increase in purchase applications. However, as refinance loans currently make up 71.7% of all mortgage applications, the rise in purchase activity was not large enough to counterbalance the overall Market Composite Index. The MBA also reported that the average rate on a conventional 30 year mortgage moved 0.01% lower to 4.82%.
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