The Mortgage Bankers Association estimates new-home sales have dropped to a seasonally adjusted 584,000 units, the lowest level in more than six years and below last year's pace. Mortgage applications for new single-family homes fell 8.3% from September 2025 and 8% month over month, as higher rates weighed more heavily on first-time buyers. Approximately 47,000 new-home sales occurred in September, down 9.6% from 52,000 in August, and the average loan size rose to $374,724 from $373,194. FHA-backed loans' share of new-home applications slipped to 34.7% from 35%, while conventional loans made up 50.2% and VA loans 14.1%. The National Association of Home Builders reports builder sentiment is at its lowest in years, with most builders offering incentives as rates are expected to stay near current levels.
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