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Lower Priced Homes Driving New Home Sales

While applications for financing new home purchases declined in August, the Mortgage Bankers Association (MBA) is predicting a bump in the month's new home sales.  The MBA's Builder Applications Survey (BAS) data for August show mortgage applications for new home purchases decreased 2.0 percent from applications in July and were down 4.6 percent compared to August 2017. This change does not include any adjustment for typical seasonal patterns. Based on the information from the BAS as well as assumptions regarding market coverage and other factors, MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 669,000 units during the month.

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