Mortgage applications to purchase new homes fell 16% month over month in June but rose 0.7% year over year, according to a report released Thursday by the Mortgage Bankers Association (MBA).

The data, derived from the trade group’s survey of homebuilders, is “consistent with broader declines in single-family construction and new building permits as well as typical seasonal patterns,” according to Joel Kan, vice president and deputy chief economist at the MBA.

According to Kan, MBA’s estimate of new-home sales showed a monthly decline to a seasonally adjusted annual pace of 626,000 units — details ⇒

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