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In June, the average loan size of new homes fell to $400,281 from $403,581 in May. Conventional loans composed 65.5% of loan applications, FHA loans composed 24.1%, RHS/USDA loans composed 0.3%, and VA loans composed 10%.
Based on data from MBA’s Builder Application Survey, estimated new single-family home sales declined 9% month over month to a seasonally adjusted annual rate of 687,000 units. That’s below the May pace of 755,000 units.
On an unadjusted basis, there were 60,000 new home sales in June 2023, a 6.3% decrease from 64,000 new home sales in May.
“With existing inventory still held back by homeowners, prospective buyers have turned to newly built homes instead,” Kan said.
New housing starts slowed to an annualized rate of 1.43 million in June, but experts believe new home construction activity remained strong.
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