The Mortgage Bankers Association on Monday predicted a sharp increase in new home sales in June as homes on the market remain scarce.
"The shortage of existing housing supply should keep pressure on prices and new homebuilding throughout the balance of this year and into next," said Lynn Fisher, MBA's vice president of research and economics.
The MBA's monthly Builder Application Survey (BAS) data for June 2017 released Monday shows mortgage applications for new home purchases increased 10% compared to June 2016. Based on those applications and other data, the Washington, D.C., association estimated there were 55,000 new home sales in June 2017, or 628,000 units on an annualized, seasonally adjusted basis.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
