Purchase mortgage applications for new homes were down 16.2% in September compared to a year ago, according to Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data released on Tuesday. This is also marks a 4% decrease from the prior month.
Based on data from the survey, MBA estimates that there were 66,000 new single-family home sales in September, compared to 71,000 new single-family homes a month prior, a 7% decrease.
The new home sales estimate is derived using mortgage application information from the BAS, as well as assumptions regarding market coverage and other factors.
“New home sales purchase details ⇒
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