New Home Sales Soar, Prices Stabilize -MBA

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) says it appears that new home sales were exceptional strong in March. Its Builder Application Survey (BAS) shows purchase mortgage applications for newly constructed single-family homes increased by 21.6 percent , on a non-seasonally adjusted basis, from February and were 6.7 percent higher than the previous March. The unadjusted data indicates there were 62,000 homes sold during the month compared to 51,000 in February. On a seasonally adjusted annual basis MBA puts March sales at 670,000, a 14.3 percent gain from the prior month’s rate of 586,000 units. “Mortgage applications for new homes accelerated in March, with the Builder Application Survey Index reaching its highest point since the series began in August 2012,” said Lynn Fisher, MBA’s Vice President…(read more)

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Source: Mortgage News Daily

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