MBA Expects December Decline in New Home Sales

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Posted To: MND NewsWire

New home sales are projected to fall in December relative to November, not an unexpected pattern as the year-end holidays approach. The Mortgage Bankers Association (MBA) says its Builder Applications Survey (BAS) for the month shows applications for new home purchase mortgages dropped 14 percent from applications the previous month. They were, however up 2 percent when compared to the previous December. The changes are not adjusted for typical seasonal patterns. Based on data from its survey, which is conducted among mortgage subsidiaries of home building companies, the MBA estimates that there were 35,000 new home sales in December 2016, a decrease of 14.6 percent from 41,000 new home sales in November. On a seasonally adjusted basis MBA estimates new single-family home sales were running…(read more)

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