In June, average new home loan size fell to $400,281 from $403,581 in May. Conventional loans made up 65.5% of loan applications, FHA loans made up 24.1%, RHS/USDA loans made up 0.3%, and VA loans made up 10%. Based on data from the Builder’s App survey, estimated single-family new home sales fell 9% month to month to a seasonally adjusted annual rate of 687,000 units. This is down from May’s pace of 755,000 units. On an unadjusted basis, there were 60,000 new home sales in June 2023, down 6.3% from the 64,000 new home sales in May. “With homeowners still stuck on existing inventory, potential buyers have turned to newly built homes instead,” Kahn said. New homebuilding slowed to an annual rate of 1.43 million in June, but experts believe new homebuilding activity remained strong.
