WASHINGTON–The Mortgage Bankers Association has issued a forecast indicating that new home sales in July were down by 8% compared to June.
Sales volumes, however, will still surpass those in July 2015 by 2.4%. If the data supports the forecast, July will be the slowest year-over-year growth thus far in 2016. The MBA bases its projections on its Builder Applications Survey (BAS) which gathers data on mortgage applications from the mortgage subsidiaries of new home builders. The month over month change in sales is not seasonally adjusted.