Skip to main content

July New Home Purchase Mortgage Apps Jump 39% Year-Over-Year

Navi Persaud
Aug 13, 2020
New home construction.

The Mortgage Bankers Association's July 2020 Builder Application Survey revealed that mortgage applications for new home purchases jumped 39% compared to 2019 and up 1% compared to June 2020.

"New home sales activity continued to rebound in July after a pandemic induced low point in April 2020. In fact, applications for new home purchases with home builder affiliates were 39 percent higher than in July 2019," said Joel Kan, MBA's assistant vice president of economic and industry forecasting. "On an unadjusted basis, new home sales were estimated to be up 14 percent over the year and showed year over year gains for the second consecutive month in July."

"Typically, new home purchases peak in April and then decline through the remainder of the year. With the disruption this spring, seasonal patterns are not holding, and hence the seasonal adjustment is likely overstating the increase for this month. While this is a signal of still strong demand for housing, we remain concerned about supply. Housing starts have not kept up with demand and this could hold back the pace of sales in the coming months."

The MBA survey revealed that the seasonally adjusted estimate for July is an increase of 15% from June's pace of 774,000 units. On an unadjusted basis the MBA estimates that there were 72,000 new home sales in July 2020, a 1.4% increase from June.

Read more from the Builder Application Survey.

Aug 13, 2020
Guild Mortgage Acquires Cherry Creek Mortgage

Terms of purchase not disclosed; reverse mortgage volume added to Guild.

Mar 14, 2023
Vigilance, Dedication, And Commitment Forge Legends

Submit a nomination for Mortgage Banker Magazine’s Legends of Lending.

Mar 10, 2023
FTC Moves To Block Black Knight, ICE Merger

Says it 'would drive up costs, reduce innovation, and reduce lenders’ choices.'

Mar 09, 2023
Rocket Arms Brokers With Bully Shield Vs. UWM

Rocket covers penalties and court fees for brokers who want to get out of United Wholesale Mortgage’s ultimatum contract. 

Feb 06, 2023
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

Jan 26, 2023
There’s Good & Bad News On The Horizon

There will be a real estate slump, but the big cities are coming out much better

Jan 26, 2023