The Mortgage Bankers Association on July 17 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," Lynn Fisher, MBA's vice president of research and economics, said.
The MBA's monthly Builder Application Survey data for June 2017 released July 17 showed mortgage applications for new home purchases increased 10% compared to June 2016. Based on those applications and other data, the Washington-based association estimated there were 55,000 new home sales in June 2017, or 628,000 units on an annualized, seasonally adjusted basis.
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