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New Home Applications Up in March
The Mortgage Bankers Association (MBA)
estimated today that there was a 15 percent increase in applications for new
home purchases in March compared to February even as the annual pace of new
home sales eased. MBA's Builder Application Survey (BAS) which tracks mortgage
application volume from mortgage subsidiaries of home builders, indicated that
sales of new single-family homes were running at a seasonally adjusted annual rate
of 479,000 units in March, a decrease of 10.1 percent from the February
estimate of 533,000 units.
On a non-seasonally adjusted basis MBA
estimates sales for the month at 46,000 units.
This is an increase of 7.0 percent from the estimated 43,000 sales
reported in February.
Conventional loans made up 68.3 percent
of new home purchase applications and FHA-backed mortgages accounted for 17.2
percent. VA loans comprised 12.9 percent
and 1.6 percent were Rural Housing Services/USDA loans. The average size of a new home loan increased
from $295,008 in February to $296,428 in March.
MBA derives its sales figures from mortgage application information gathered
through the BAS and assumptions about market coverage and other factors. Official new home sales estimates are conducted by the
Census Bureau on a monthly basis. In that data, new home sales are
recorded at contract signing, which is typically coincident with the mortgage
application. The MBA estimates the coverage for the BAS is almost 30 percent
of the new home sales market.
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