According to the Mortgage Bankers Association Builder Application Survey, new home purchases were up 24% in February with the average loan size of new homes increased from $325,806 in January to $328,370 in February. HousingWire staffer Brena Swanson takes a look at this survey as well as the reasons behind these sales.
For February 2016, MBA estimates new single-family home sales to be at a seasonally adjusted rate of 544,00 homes which was nearly 12% above February 2015. Two things that helped sales were low rates and good weather:
“Mortgage applications to home builder affiliates increased across the board in our survey for February as continued low interest rates and fairly mild weather helped to kick off the spring buying season,” said Lynn Fisher, MBA’s vice president of Research and Economics.