Normal Seasonal Stall For New Home Sales -MBA

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Posted To: MND NewsWire

The Mortgage Bankers Association is forecasting that new home sales in July were down by 8 percent compared to June. Sales during the month will surpass those in July 2015 by 2.4 percent, the slowest year-over-year growth thus far in 2016. MBA bases its projections on its Builder Applications Survey (BAS) which gathers data on mortgage applications from the mortgage subsidiaries of new home builders. The month over month change in sales is not seasonally adjusted. Lynn Fisher, MBA’s Vice President of Research and Economists said, “Month over month declines in applications are part of the normal seasonal pattern this time of year and the Builder Applications Survey index has not maintained the momentum we saw during February and March.” Official new home sales estimates are conducted by the…(read more)

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