More applications for new home purchases in February

March 18th, 2014 9:09am
More applications for new home purchases in February

As weather warms up in the U.S., the national real estate market is heating up as well following a slow start. According to The Mortgage Bankers Association, mortgage applications for new home purchases increased 12 percent month-over-month in February. At an adjusted annual rate, the estimated sales pace in February was up 1 percent to 533,000 units from the revised January rate of 527,000 units. On an unadjusted basis, there were an estimated 43,000 actual sales last month, up 13 percent from January's 38,000.

New residential construction was also up in February, in response to increasing demand from consumers. Housing completions were at a seasonally adjusted annual rate of 886,000, 4.4 percent above the revised January rate of 849,000, according to a joint release from the U.S. Census Bureau and the U.S Department of Housing and Urban Development, though the margin of error made this estimate statistically insignificant. Building permits rose more significantly, to 1,018,000 - 7.7 percent higher than the revised January rate of 945,000 and 6.9 percent higher than the February 2013 rate of 952,000.

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