– January saw a significant surge in mortgage applications for new homes, driven by the high demand for new construction due to a lack of available existing homes.
– The strong demand for new homes is a result of the current shortage in the housing market, forcing buyers to turn to new construction options.
– This surge in mortgage applications indicates a positive outlook for the construction industry and suggests continued growth in new home sales.
– The lack of available existing homes has resulted in increased competition among buyers, leading to rising prices and potentially pushing more people towards considering new construction options.
– The increase in mortgage applications for new homes reflects the ongoing trend of homebuyers seeking alternative solutions in a tight housing market.
You can read this full article at: https://www.housingwire.com/articles/demand-rose-in-january-for-new-home-purchases-mba/(subscription required)
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