June New Home Mortgage Applications Up 54.1%

Real Estate

The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for June 2020 shows mortgage applications for new home purchases increased 54.1 percent compared from a year ago. Compared to May 2020, applications increased by 20 percent. This change does not include any adjustment for typical seasonal patterns.

"The new home purchase market continues to recover - applications surged 20 percent in June, and although this is not adjusted for seasonal impacts, it is another piece of data indicating that homebuying activity that was delayed by the pandemic in March and April is just being realized later in the season. The fact that applications are up over 50 percent from last June further reinforces that point," said Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting. "MBA estimates that new home sales in June increased 15 percent to a seasonally adjusted pace of 774,000 units - which would be the strongest level of activity since January 2020."

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