New Home Applications Up From December

Mortgage applications for new home purchases fell 12.5% year-over-year in January 2022, according to the Mortgage Bankers Association’s (MBA) Builder Application Survey (BAS). However, applications rose by 10% from December 2021, as MBA estimates 66,000 new homes were sold in January compared to December’s 60,000. MBA estimated that new single-family sales were running at a rate of 821,000 units, down 7.4% from December’s 887,000 unit pace. “Purchase applications for new homes fell on an annual basis in January, but the 10% monthly gain is a positive sign to start the year. While homebuyer demand remains strong, purchase activity is being constrained by higher prices and building delays due to supply-chain pressures and building materials shortages,” said Joel Kan, MBA’s Associate…

Morning Roundup (1/20/2022)– Application Surge, Home Price Appreciation Accelerating

Good Morning! Today is Thursday, January 20. President Biden suggested he would break up his climate and social spending bill to improve the chances of passage. Senate Democrats failed to alter the filibuster to pass voting legislation, with Joe Manchin and Kyrsten Sinema voting with Republicans. Starbucks rescinded its vaccination requirement after the Supreme Court struck down Biden’s mandate. And in mortgage and housing news… Loan Applications Surge: Mortgage loan application volume rose 2.3% from last week, MBA’s weekly survey reported. Acceleration In Full Swing: Monthly home value appreciation accelerated for the first time since July as potential buyers continue to outnumber new listings, driving December inventory to an all-time low. New Home Purchase Apps Down: Mortgage applications for new…