Tag Archives: newly constructed homes

Purchase demand remained strong in August for newly constructed homes, increasing 20.6% compared to a year ago, according to the MBA Builder Application Survey, while the average loan size for new homes increased to $398,092.

“Applications for purchase loans on newly constructed homes remained strong in July, up 36% annually, as new homes continued to account for a growing share of homes available for sale,” said Joel Kan, MBA’s VP and Deputy Chief Economist.

Low mortgage rates and surging homebuyer demand, combined with low existing homes for sale is increasing the share of new construction nationwide.

With more newly constructed housing units being listed at a discount, these factors are leading the cut in prices for these homes according to an analysis.