New Home Sales Rise in January

According to a Mortgage Bankers Association (MBA) survey of mortgage companies owned by homebuilders, sales of new homes rose 35 percent in January following two months of tepid sales. The survey estimates builders sold 38,000 new homes in January, indicating strong demand in some parts of the country, and bodes well for the traditional spring selling season, according to MBA chief economist Mike Fratantoni, noting the survey seemed to conflict with existing home sales data, said, “Our builder application survey estimate is consistent with reports of homebuilder sentiment that show strength in the market for new homes.” The MBA estimates on a seasonally adjusted annual rate (SAAR) sales of new homes were running at a 543,000 pace in January, up from 402,000 in December. understands the Census Bureau’s numbers will be released Feb. 26 for January. ##

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