New-home purchase applications in Late-Q1 ↑26% MoM and ↑11% yearly, reaching the survey’s highest index level since it began in 2012.
Estimated new single-family sales ran at a seasonally adjusted annual pace of 717K in Late-Q1, ↑12% from 641K in the prior month.
On an unadjusted basis, estimated new-home sales reached 69K in Late-Q1, ↑21% from 57K in the prior month.
Avg. new-home loan size edged down from ~$384K to ~$382K between the prior month and Late-Q1.
Loan mix in Late-Q1:
Conventional 49.1%
FHA 36.3%
VA 13.4%
RHS/USDA 1.2%
Government-backed loans made up >50% of applications for a third straight month, as FHA rates rose more slowly than conforming loans.
Higher unsold inventory in many US markets, including move-in-ready homes, helped support buyer activity despite rising rates and greater economic uncertainty.
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US housing affordability pressures reflected limited supply, with households needing more options, especially affordable homes, as single-family rentals moved to the center of policy debate.
May 8, 2026
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