As existing-home sales dwindle due to high mortgage rates and the lock-in effect, buyers continue turning to new construction options. And Mortgage Bankers Association (MBA) data shows a shifting attitude as mortgage applications for new homes surged in October.

MBA’s Builder Application Survey released this week shows that the non-seasonally adjusted application rate for new-home applications grew by 3% from September 2024 and were up 8.2% from October 2023.

MBA estimates that nearly 56,000 new homes were sold in October — up 3.7% from the 54,000 sales in September. On a seasonally adjusted basis, MBA reported a details ⇒

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