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New Home Purchase Applications Dwindle in MBA's Latest Builder Survey

by devteam December 12th, 2013 | Share

The Mortgage BankersrnAssociation (MBA) said today that applications for the purchase of newlyrnconstructed homes declined in November by about 18 percent from October levels.  The change does not include any adjustment forrnseasonal variations. </p

MBA’s data comes fromrnits Builder Application Survey conducted among mortgagernsubsidiaries of home builders across the country.  Using survey data as well asrnassumptions regarding market coverage MBS projects that sales of new homes werernat a seasonally adjusted rate of 455,000 units in November.  On an unadjusted basis there were an estimatedrn32,000 sales.  Last month MBA reported anrn11 percent decline in new home purchase applications in October and that newrnhome sales were at an annual rate of 509,000 and about 40,000 units had soldrnduring the month.  </p

Of November new home purchase applications 66.2rnpercent were for conventional loans and19.9 percent for FHA loans.  VA loans comprised 12.9 percent of the totalrnand RHS/USDA loans 1.1 percent. The average loan size for new homes purchases increasedrnfrom $294,480 in October to $295,523 in November.</p

MBA uses data from its Builder Application Survey andrndata from other sources to provide an early estimate of new home sales and thernfinancing methods used by their buyers. rnOfficial new home sales information is provided on a monthly basis by thernCensus Bureau based on purchase contract signings.    

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About the Author

devteam

Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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