Yet another report has come out showing a potential slowing in the home sales market.
Mortgage applications for new home purchases decreased 5.9% compared to a year ago, according to the Mortgage Bankers Association Builder Application Survey data for May 2021. The BAS tracks application volume from mortgage subsidiaries of home builders across the country. Applications decreased by 9% compared to April.
"Mortgage applications to purchase a new home decreased in May for the second straight month, while the average loan size, at $384,000, increased for the fourth consecutive month and reached a new survey high," said Joel Kan, MBA's associate vice president of Economic and Industry Forecasting, in a prepared statement.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
