General World News

Short supply squeezes new home purchase activity in January

Mortgage applications for new homes stalled in January, dipping by 12.5% year-over-year, according to a Mortgage Bankers Association’s survey published this week.

The trade group noted that the survey results showed the slowest annual pace since July 2021.

However, from December 2021 to January, purchase applications grew, with a 10% month-over-month gain recorded by MBA’s survey. On an unadjusted basis, the MBA estimates there were 66,000 new home sales in January 2022, an increase from 60,000 new home sales recorded in December. 

Joel Kan, associate vice president of economic and industry forecasting at the MBA, said in a statement details ⇒

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