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Mixed Messages in New Home Purchase Application Data

Mortgage applications for the purchase of newly built homes fell sharply in July, but the Mortgage Bankers Association (MBA) said it expects new home sales for the month will remain strong. MBA’s Builder Application Survey (BAS) recorded a 27.4 percent decline in applications compared to July 2020 data. Applications were down 4 percent from June 2021. The numbers are not seasonally adjusted.

Based on the survey data and other assumptions, MBA estimates that new single-family home sales during the month were at a seasonally adjusted annual rate of 779,000 units. This is an increase of 10.7 percent from the previous month’s annual rate of 704,000 units. On an unadjusted basis, there were an estimated 64,000 home sold during the month, down from 66,000 in June.

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