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MBA Says New Home Sales Increased for August

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) is anticipating an increase in new home sales in August. The organization's Builder Application Survey found the volume of applications to finance the purchase of newly construction homes was 33 percent higher than in August 2018 although there was a downtick of 0.2 percent month-over-month. The numbers do not include any adjustment for typical seasonal patterns. Based on the survey and other assumptions such as market coverage, MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 785,000 units last month. The seasonally adjusted estimate for August is an increase of 4.1 percent from the July pace of 754,000 units. On an unadjusted basis, MBA estimates that August sales totaled 61,000 units, a decrease of 3.2...(read more)