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20 Percent Surge in Q1 New Home Purchase Apps

Friday, April 10, 2015

Sales of new homes appeared to have surged in March.  According to the Mortgage Bankers Association (MBA) mortgage applications for new home purchases were up 17 percent from February.  The data is not seasonally adjusted. 

Lynn Fisher, MBA's Vice President of Research and Economics said, "Overall, applications for new home purchases during the first quarter of 2015 increased 20 percent relative to the first quarter of last year. Continued strength in builder applications raises the likelihood that housing starts will be strong over the next few months. Although the March employment report showed a smaller net gain in jobs, job openings are up, wages are beginning to increase more robustly, and mortgage rates remain low, all of which contribute to stronger housing markets."

 

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