|Title: ||Applications for New Home Sales Increase in July 2013|
WASHINGTON, D.C. (August 9, 2013) — MBA’s Builder Application Survey data for July 2013 shows that mortgage applications for new home purchases increased by
14 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns.
By product type, conventional loans composed 66.5 percent of loan applications, FHA loans composed 17.7 percent, RHS/USDA
loans composed 1.3 percent and VA loans composed 14.5 percent. The average loan size of new homes increased from $283,111
in June to $288,382 in July.
Utilizing information from the BAS, as well as assumptions regarding market coverage and other factors, MBA estimates that
sales of new single-family homes were running at a seasonally adjusted annual rate of 481,000 in July 2013. On an unadjusted
basis, the MBA estimates that there were 43,000 new home sales in July 2013.
MBA’s Builder Application Survey tracks application volume from mortgage subsidiaries of home builders across the country.
Utilizing this data, as well as data from other sources, MBA is able to provide an early estimate of new home sales volumes
at the national, state, and metro level. This data also provides information regarding the types of loans used by new home
buyers. Official new home sales estimates are conducted by the Census Bureau on a monthly basis. In that data, new home
sales are recorded at contract signing, which is typically coincident with the mortgage application.
If you would like to view press releases for MBA’s Builder Applications Survey, please visit www.mortgagebankers.org/BuilderApplications, contact email@example.com.
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry
that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the
association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand
homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and
fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety
of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies,
mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending
field. For additional information, visit MBA's Web site: www.mba.org.