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New Home Sales Dip, Still Stronger than Last Year

Friday, October 12, 2018

The Mortgage Bankers Association (MBA) reports a drop in applications for the purchase of newly constructed homes last month.  Those applications fell by 3.9 percent compared to August although they remained 8.2 percent higher than they were the previous September.  The change does not reflect any seasonal adjustment.  The information comes from MBA's Builder Application Survey (BAS) which is conducted among the mortgage subsidiaries of new home builders. Based on the survey data as well as other marketing data, MBA projects that new home sales were running at a seasonally adjusted annual rate of 643,000 units. 

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