Coronavirus Spread Led to Decline in February New Home Sales

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Posted To: MND NewsWire

New home sales in February are expected to be down from January’s levels based on loan application volume data reported by the Mortgage Bankers Association (MBA). Its Builder Application Survey (BAS) shows that applications for financing new home purchases dipped by 1 percent month-over-month but were 25.9 percent higher than in February 2019. These numbers are not adjusted to account for “typical seasonal patterns.” Derived from application volume information and assumptions regarding market coverage and other factors, MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 746,000 units in February, a 13.8 percent decline from January’s sales rate of 865,000. On an unadjusted basis, the estimate is for 64,000 sales, 3 percent fewer than the 66,000 sales…(read more)

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