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New-home mortgage applications fall


Mortgage applications for new homes fell in May, another sign that for-sale inventories aren't keeping pace with buyer demand, the Mortgage Bankers Association (MBA) reported.

Applications were down by 4 percent over the April level, and declined by 50 basis points compared to the May 2017 pace a year earlier.  

"Despite strong demand, builders have not been able to ramp up the supply of new homes, as they face rising costs from key inputs such as lumber and having to raise wages to fill open positions," said Joel Kan, MBA associate vice president of economic and industry forecasting.

MBA also estimated that new-home sales fell in the month to the lowest level since December.

Sales ran at a seasonally adjusted annual rate of 626,000 units, down 4.6 percent from the April pace of 656,000. MBA estimated there were 60,000 new-home sales in May. 


 

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