The Mortgage Bankers Association on Monday predicted a sharp increase in new home sales in June as homes on the market remain scarce.
"The shortage of existing housing supply should keep pressure on prices and new homebuilding throughout the balance of this year and into next," said Lynn Fisher, MBA's vice president of research and economics.
The MBA's monthly Builder Application Survey (BAS) data for June 2017 released Monday shows mortgage applications for new home purchases increased 10% compared to June 2016. Based on those applications and other data, the Washington, D.C., association estimated there were 55,000 new home sales in June 2017, or 628,000 units on an annualized, seasonally adjusted basis.
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