Mortgage applications for new home purchases rose by 7.2% year over year in November 2024, despite a 12% decline from October, as buyers tilt towards new homes.
The estimates suggest that new single-family home sales were at a seasonally adjusted annual rate of 713,000 units in November 2024—down 4.6% from October's pace of 747,000.
The FHA applications made up 28% of total applications, indicating strong demand from first-time homebuyers in the current housing market conditions.
Despite the decline in applications from the previous month, the pace of new home sales in November remained solid, marking the third strongest month of 2024.
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