Mortgages for New Homes Up Nearly 35% in November
✉️ Want to forward this article? Click here.
The market for new home sales is offering more evidence of how strong housing demand has been this year.
Per the latest Mortgage Bankers Association (MBA) Builder Application Survey, 59,000 new single-family homes sold nationwide in November. This represents a 34.7% increase compared to new home purchases in November 2019 — despite being a 15.7% drop from the 70,000 new homes sold in October 2020.
story continues below
loading...story continues above
"November new home sales activity, both mortgage applications and home sales, ran at a pace considerably ahead of 2019, showing the ongoing strong growth in housing demand and new residential construction," Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting, said in a statement.
The estimated number of new home sales came from the survey's mortgage application data. With this data, it is estimated that 827,000 new homes will be sold this year.
Thumbnail photo inside a new home for sale in Barnaby Woods in DC. Photo by Chris Ellenbogen.
See other articles related to: mortgage bankers association, new home sales
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/mortgages-for-new-homes-up-nearly-35-year-over-year-in-november/17659.
Most Popular... This Week • Last 30 Days • Ever
This article discusses the variety of rental restrictions that may exist in condomini... read »
Today, UrbanTurf takes a look at the office-to-residential conversions on the boards ... read »
The new project is just the latest affordable development to move forward in DC.... read »
The nearly 12,000 square-foot McLean house of the former Washington Nationals pitcher... read »
The beautiful four-story property, with three renovated units offering more than $200... read »
- Understanding Rental Restrictions in Condominiums
- A Look At The 9 Office-To-Residential Conversions On The Boards in DC
- 11-Story, 46-Unit Development Pitched For A Pair Of Downtown DC Rowhouses
- Stephen Strasburg's McLean Home Sells For $8.55 Million
- Elegant Dupont Circle Rowhouse, Boasting Huge Rental Income Potential, Hits the Market
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro