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MBA: Applications For New Home Sales Increase In July

Aug 9, 2013 | Reprints | Print

Mortgage applications for new home sales were up 14 percent in July compared with June, according to a monthly survey by the Mortgage Bankers Association (MBA).

The average loan size of new homes increased from $283,111 in June to $288,382 in July. The survey does not include any adjustment for typical seasonal patterns.

Based on the July survey, the MBA estimates that sales of new single-family homes were running at a seasonally adjusted annual rate of 481,000 in July 2013, with 43,000 new home sales in July 2013.

By product type, conventional loans composed 66.5 percent of loan applications, FHA loans composed 17.7 percent, RHS/USDA loans composed 1.3 percent and VA loans composed 14.5 percent.

Residential Real Estate