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Next New Home Sales Report Should End Slump; Rates are Actually Higher This Week

Next New Home Sales Report Should End Slump; Rates are Actually Higher This Week

That applications for mortgages to purchase newly constructed homes rose 30.8 percent in April compared to a year ago is not a particularly useful piece of data given the state the global economy was enduring in April 2021. However, it is good news that the Mortgage Bankers Association (MBA) estimates that new home sales are expected to increase by 8 percent when the April numbers are published. MBA says its estimate of new home sales at an annualized rate of 770,000 units means an end to a two-month slump but, while strong, it is still below the 877,000 unit pace at the end of last year. Mortgage applications were also down month-over-month by 9 percent. The change in application volume does not include any adjustment for typical seasonal patterns. Joel Kan, MBA's Associate Vice President
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