New Home Sales up. Supply at 7 year High.

MBA Mortgage Applications (week ended 3/18/2016)

– Purchase Index Week/Week -1.0%. Previous weeks were +0.3%, +4.0%, -1.0%, +2.0%, -4.0%, +0.2%, -7.0%, +5.0%, -2.0%, +18.0%,-15.0%, +4.0%, and -3.0%.

– Refinance Index Week/Week -5.0%. Previous weeks were -6.0%, -2.0%, -7.0%, -8.0%, +16.0%, +16.0%, +0.3%, +11.0%, +19.0%, +24.0%, -37.0%, +11.0%, and +1.0%.

– Composite Index Week/Week -3.3%. Previous weeks were -3.3%, +0.2%, -4.8%, -4.3%, +8.2%, +9.3%, -2.6%, +8.8%, +9.0%, +21.3%, -27.0%, and +7.3.

Year-on-year Purchase Application are +25.0% but slowing.

 

New Home Sales (February 2016)

– New Home Sales seasonally adjusted, annualized 512,000. Previous was 502,000.

 

The median price was +6.2%.  This is likely because the increase in sales was regional with a large increase in the West where homes are more expensive. Supply reached a 7 year high at 240,000 units.