The market for new home sales is offering more evidence of how strong housing demand has been this year.
Per the latest Mortgage Bankers Association (MBA) Builder Application Survey, 59,000 new single-family homes sold nationwide in November. This represents a 34.7% increase compared to new home purchases in November 2019 — despite being a 15.7% drop from the 70,000 new homes sold in October 2020.
"November new home sales activity, both mortgage applications and home sales, ran at a pace considerably ahead of 2019, showing the ongoing strong growth in housing demand and new residential construction," Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting, said in a statement.
The estimated number of new home sales came from the survey's mortgage application data. With this data, it is estimated that 827,000 new homes will be sold this year.
This article originally published at https://dc.urbanturf.com/articles/blog/mortgages-for-new-homes-up-nearly-35-year-over-year-in-november/17659.
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