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New-home sales fall in June

Mortgage applications for new-home purchases fell off in June, the Mortgage Bankers Association (MBA) reported.

Loan applications for newly built homes dropped 4 percent from the May level, but were up 10 percent compared to a year earlier.

MBA estimated that new-home sales were running at an annual pace of 628,000 units in June when seasonally adjusted, up 3.8 percent from the May pace and by 18 percent compared to a year ago.

On an unadjusted basis, MBA estimated 55,000 new home sales in June, a decrease of 3.5 percent from 57,000 new-home sales in May.  

The average loan size increased to $327,833 in June, up from $324,844 in May, MBA said.

"We are at the part of the season where housing market activity normally begins to slacken and this was true for mortgage applications for new homes in June," said MBA Vice President of Research and Economics Lynn Fisher. Fisher said the tight supplies of existing homes should keep the pressure on sales prices through this year and into 2018.  


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