The Mortgage Bankers Association (MBA) noted a significant
increase in new home sales in October.
MBA’s estimate is based on responses to its Builder Application Survey
conducted among mortgage subsidiaries of home builders across the country. Sales increased by 8.5 percent from the
September seasonally adjusted annual rate of 425,000 units to 461,000 units.
On an unadjusted basis MBA estimates that there
were 36,000 new home sales in October, a 12.5 percent increase from September
sales of 32,000 unit. MBA bases its
estimate on mortgage applications for new home purchases as well as assumptions
regarding market coverage.