By Jann Swanson | Mortgage News Daily
The Mortgage Bankers Association (MBA) estimates that sales of newly constructed homes increased by 5.0 percent in August compared to July. The estimate, which is not seasonally adjusted, is based on applications for new home purchases submitted through mortgage subsidiaries of new home builders as well as assumptions regarding market coverage and other factors.
On a seasonally adjusted basis MBA estimates new single-family home sales were running at a rate of 601,000 units in August, an increase of 11.3 percent from the seasonally adjusted July figure. On an unadjusted basis the estimate is that 48,000 homes sold, up from 45,000 in July.