By Jann Swanson | Mortgage News Daily
The Mortgage Bankers Association (MBA) is predicting a slowdown in new home sales when the Census Bureau releases its statistics next week. MBA’s Builder Application Survey (BAS) data for February 2021 shows mortgage applications for new home purchases increased 9.2 percent compared to a year ago but were down by 9 percent year-over-year. This change does not include any adjustment for typical seasonal patterns.
Based on these applications and other data, MBA estimates that new single-family homes were selling at a seasonally adjusted annual rate of 748,000 units in February. This is a decline of 17.3 percent from the January pace of 905,000 units. On an unadjusted basis, MBA estimates the month’s sales numbered 65,000 units, a 5.8 percent decrease from 69,000 the prior month.
