New home purchase mortgage applications fell 2.4% year-over-year
A 2.4% year-over-year drop in mortgage applications for new home purchases was recorded in April, with a 10% month-over-month decline.
The seasonally adjusted annual rate of new single-family home sales was 655,000 units for April, an 8.6% decrease from the revised March estimate.
The typical loan amount on a new-home purchase decreased to $378,384 from $381,938 the prior month, with government-backed loans accounting for over half of all applications.
High levels of unsold inventory exist across many markets, but purchase activity is expected to pick up as upward price pressures continue to fade.