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MBA Says New Home Sales Tilting to Higher Priced Properties

MBA Says New Home Sales Tilting to Higher Priced Properties

While new home sales have been performing well over the last few months, the Mortgage Bankers Association (MBA) expects a stumble in December. Its Builder Application Survey (BAS) data for the month shows mortgage applications for new home purchases decreasing 5.0 percent compared to November and by 7.1 percent from December 2020. This change does not include any adjustment for typical seasonal patterns. Based on the BAS and other assumptions such as market coverage, MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 887,000 units in December. This is a decline of 2 percent from November’s 905,000 unit pace. On an unadjusted basis, there were an estimated 60,000 new home sales in December, down 7.7 percent from 65,000 units in November.
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