The Mortgage Bankers
Association (MBA) said today that applications for the purchase of newly
constructed homes declined in November by about 18 percent from October levels. The change does not include any adjustment for
MBA's data comes from
its Builder Application Survey conducted among mortgage
subsidiaries of home builders across the country. Using survey data as well as
assumptions regarding market coverage MBS projects that sales of new homes were
at a seasonally adjusted rate of 455,000 units in November. On an unadjusted basis there were an estimated
32,000 sales. Last month MBA reported an
11 percent decline in new home purchase applications in October and that new
home sales were at an annual rate of 509,000 and about 40,000 units had sold
during the month.
Of November new home purchase applications 66.2
percent were for conventional loans and19.9 percent for FHA loans. VA loans comprised 12.9 percent of the total
and RHS/USDA loans 1.1 percent. The average loan size for new homes purchases increased
from $294,480 in October to $295,523 in November.
MBA uses data from its Builder Application Survey and
data from other sources to provide an early estimate of new home sales and the
financing methods used by their buyers.
Official new home sales information is provided on a monthly basis by the
Census Bureau based on purchase contract signings.