WRE News August 17, 2023
Buyer
Mortgage applications for new home purchases in July increased by 35.5% year-over-year, according to new data from the Mortgage Bankers Association (MBA). Compared to June, applications inched up by 0.2%.
MBA estimated new single-family home sales were running at a seasonally adjusted annual rate of 677,000 units in July, which is a 1.5% decline from the seasonally adjusted estimate of 687,000 units in June. On an unadjusted basis, MBA estimated that there were 56,000 new home sales in July 2023, a 6.7% decrease from 60,000 new home sales in June.
The average loan size for new homes decreased from $400,281 in June to $397,148 in July. By product type, conventional loans composed 65.3% of loan applications, FHA loans composed 24.2%, VA loans composed 10.2% and RHS/USDA loans composed 0.3%.
Joel Kan, MBA’s vice president and deputy chief economist, not the FHA share of purchase applications was the highest share since May 2020.
“FHA purchase loans are a popular option for many first-time homebuyers and this increasing trend in the FHA share is indicative of more first-time buyers looking to new homes as an option, given the lack of for-sale inventory among existing homes and challenging affordability conditions,” Kan said.
Stay up to date on the latest real estate trends.
Seller
February 6, 2025
Adding character to your home is one of the most rewarding experiences for any design-loving homeowner or renter.
Lifestyle
February 6, 2025
Baby boomers are the growing target of the self-care economy, as their spending habits on wellness have increased more than any other generation.
Seller
February 6, 2025
If you want to sell your house, having the right strategies and expectations is key.
Lifestyle
February 5, 2025
Dietary recommendations for kids are pretty clear about what should be eaten and avoided—choosing fresh fruits and vegetables, for example, over ultra-processed foods … Read more
Seller
February 5, 2025
Millennials have seen stupendous growth in net worth, thanks to unprecedented home appreciations and stock market gains, but they still feel poor.
Lifestyle
February 5, 2025
New dietary guidelines, which inform federal nutrition programs and influence what Americans are told to eat, are expected to roll out later this year.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today