New Home Purchases Up Sharply In January 2014

New home purchases were up sharply in January. According to the The Mortgage Bankers Association (MBA) sales of new single-family homes were running at a seasonally adjusted annual rate of 543,000 units in January 2014. (data from MBA’s Builder Applications Survey).

The Mortgage Bankers Association estimated 38,000 new home sales in January 2014. That’s a 36 percent increase from the level of 28,000 units in December 2013 .The estimated 543,000 unit annual sales pace in January was a 35 percent increase from December’s pace.

This conflicts with data showing a decrease in existing home activity. However it is in line with what builders are reporting.

Mortgage applications for new home purchases are up by 27 percent relative to the previous month.

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