By Jann Swanson | Mortgage News Daily
The Mortgage Bankers Association (MBA) is estimating that the pace of new home sales slowed slightly in October compared to the previous month. Its Builder Application Survey (BAS), which is conducted among mortgage subsidiaries of new home builders nationwide, showed a 2 percent decrease in purchase applications in October, a number that is not seasonally adjusted. The BAS however, show applications were 8 percent higher than in October 2015.
MBA estimates that sales during the month totaled 44,000 on an unadjusted basis, unchanged from September. On a seasonally adjusted basis MBA estimates that new home sales were running at an annual rate of 547,000 units, a 7.8 percent decline from September’s rate of 593,000.