The Mortgage Bankers Association (MBA) is expecting that a higher volume of new home sales occurred in October than in the previous month, even as purchase prices rise. MBA says its Builder Application Survey (BAS) showed a 6 percent month-over-month increase in purchase applications even though they were down 15.2 percent from October 2020. That data is not seasonally adjusted. Based on those applications, they estimate that new single-family home sales in October will total 68,000, up 3.0 percent from 66,000 sales in September. On a seasonally adjusted annual basis the 897,000-unit pace is 6.4 percent higher than the rate of 843,000 units the prior month.
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