“New home mortgage applications fell in July but were the second highest in July since the MBA survey began in 2012,” he said. “In addition, the average loan size rose again to a new record of $ 402,440. Builders are still facing increased construction costs and accelerated home price growth due to the persistent imbalance between supply and demand. “
Continue reading: The mood when buying a house continues to be sour
MBA estimates new single-family home sales were at a seasonally adjusted annual rate of 779,000 units in July, up 10.7% from 704,000 units in June. Unadjusted, 64,000 new homes were sold in July, a 3% decrease from 66,000 new home sales in June.
“After taking seasonal patterns into account, our estimates of annualized new home sales showed an increase of more than 10% over June,” said Kan. “The housing market is still fiercely competitive, and prospective buyers are increasingly turning to new buildings because the stocks available for sale are still so small.”
By product type, conventional loans accounted for 73.8% of loan applications, FHA loans accounted for 14.6%, RHS / USDA loans accounted for 0.8%, and VA loans accounted for 10.8%. The average new home loan amount increased from $ 392,370 in June to $ 402,440 in July.