October Sees Nearly 40% Surge in New Home Purchase Applications!

Dated: November 28 2023

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October saw a significant surge in mortgage applications for new home purchases, marking an incredible increase of 39.7% compared to the same time last year. According to the Mortgage Bankers Association's latest data, this growth trend signifies a thriving market, with a 6% rise in applications from September. This means the housing sector is steadily getting stronger.

The data further reveals promising statistics, indicating an estimated annual rate of 715,000 new single-family home sales, which reflects a substantial 12.8% increase from the previous month. In unadjusted terms, there were 55,000 new home sales last month, signifying a remarkable 7.8% upturn from September.

Even more encouraging is the shift in loan dynamics, where the average loan size for new homes decreased to $390,225 in October from $397,550 in September. This change suggests improved affordability and accessibility in the housing market. Conventional loans made up 63.6% of all loan applications, while FHA loans accounted for 26.3%. VA loans represented 9.8% of the total, and RHS/USDA loans constituted 0.3%.

Joel Kan, MBA’s vice president and deputy chief economist, highlighted this positive momentum, stating, “Purchase activity for newly constructed homes continued its upward climb in October with purchase applications up 40 percent compared to a year ago, marking the ninth consecutive month of annual growth.” 

Overall, this data tells us that the housing market is doing great. It's becoming easier for people to buy homes, and it looks like this trend will keep going in a positive direction.

That’s why it’s so important to get ahead in this hot market. Here’s how I can help you do so:

Bridge Loans: Our bridge loan program allows you to make a non-contingent offer, securing your down payment funds and enabling you to buy before selling your current home.

Down Payment Assistance: We offer down payment assistance programs of up to $10,000 for eligible borrowers on FHA, Conventional, VA, and USDA loans.

Additional Down Payment Assistance: First-generation homebuyers can receive an additional $10,000 on top of the initial $10,000 in down payment assistance! 

Call me today at (603) 377-0771 so I can help you access these fantastic programs so you can buy the home of your dreams.

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Lise Tremblay

With an impressive 35+ years of customer service in real estate sales, as well as management of investment properties in the Southern New Hampshire area, Lise stands out as the consummate professional....

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