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New Home Sales Fall Victim to Rates, Construction Woes; Weaker Inflation/Stronger Auction Help Bonds

New Home Sales Fall Victim to Rates, Construction Woes; Weaker Inflation/Stronger Auction Help Bonds

Applications for new home purchase mortgages slowed significantly in April when compared to March the Mortgage Bankers Association (MBA) said on Thursday. Its Builder Applications Survey (BAS) data shows the volume of applications declined 5 percent month-over-month, but remained 7.5 percent higher than during the previous April. The reported changes do not include any adjustments for typical seasonal patterns. Based on the BAS report of applications, assumptions regarding market coverage, and other factors, the MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 656,000 units in April. This estimate represents a decrease of 3.8 percent from the March pace of 682,000 units. On an unadjusted basis, the MBA estimates that there were 63,000 new home
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