Builder Application Survey

New home purchase applications fell 12% YOY in June, and were down 10% from May, according to the Mortgage Bankers Association’s (MBA) Builder Application Survey. New single-family home sales ran at a seasonally-adjusted annual rate of 620,000 units in June, down 14.7% from May’s pace of 727,000 units. The unadjusted rate was estimated to be 57,000 home sales, down 6.6% from 61,000 in May. New home sales are estimated using mortgage application information and assumptions regarding market coverage and other factors. “Higher mortgage rates and heightened economic uncertainty cooled borrower demand in June, leading to new-home purchase applications declining to the lowest level since April 2020,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting.  “Additionally, new…