The Mortgage Bankers Association (MBA) reported on Thursday (6-16-22) that data from their Builder Application Survey (BAS) revealed that mortgage applications for new home purchases declined -4% month-over-month and -5% year-over-year in May.
Based on data from the BAS, the MBA estimates that new single-family homes were at a seasonally adjusted annual rate of 727,000 units in May. The seasonally adjusted estimate for May is an increase of 3.7% from the April pace of 701,000 units. On an unadjusted basis, MBA estimates that there were 61,000 new home sales in May 2022, a decrease of -6.2% from 65,000 new home sales in April.
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Mortgage Applications for New Home Purchases Decreased 5 Percent in May