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MBA Expects New Home Sales to Decline in New Year

MBA Expects New Home Sales to Decline in New Year

The Mortgage Bankers Association (MBA) is projecting a decline in new home sales for January. Based on data collected from its Builder Application Survey (BAS), it estimates that sales of newly constructed single-family homes were at a seasonally adjusted annual rate of 821,000 units, a decrease of 7.4 percent from the December rate of 887,000 units. On an unadjusted basis there were an estimated 66,000 homes sold during the month, 10 percent more than the 60,000 sales the prior month. The BAS found applications for mortgages to purchase new homes were down 12.5 percent compared to January 2021 but were 10 percent higher than in December. Those numbers do not contain any adjustment for seasonal patterns. “Purchase applications for new homes fell on an annual basis in January, but
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