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MBA Predicts New Home Sales Surge in July
Thursday, August 13, 2020
The Mortgage Bankers Association (MBA) is predicting another strong month
for new home sales. The association says its Builder Application Survey (BAS)
data for July 2020 shows mortgage applications for new home purchases increased
39 percent compared to a year ago and is up 1 percent compared to June. This
would be the second consecutive month of annual increases. This change does not
include any adjustment for typical seasonal patterns. Based on these results, as well as assumptions regarding market coverage and
other factors, MBA estimates new single-family home sales were running at a
seasonally adjusted annual rate of 890,000 units in July. This is 15 percent
higher than their June pace of 774,000. On an unadjusted basis, MBA estimates
that there were 72,000 new home sales in July 2020, an increase of 1.4 percent
from 71,000 new home sales in June.
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