Mortgage applications for new home purchases rose 3.8% year over year in May but fell 3% from April, according to the Mortgage Bankers Association (MBA)’s Builder Application Survey, released Thursday. The figures are not seasonally adjusted.

New home purchase activity softened during the month, with the MBA estimating new home sales at a seasonally adjusted annual rate of 642,000 units in May, down 2% from April’s pace of 655,000.

“New home purchase activity slowed in May, with MBA’s estimate of new home sales declining to 642,000 units,” Joel Kan, MBA’s vice president and deputy chief economist, said in details ⇒

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