Mortgage applications for new home purchases surged by 4.4% in August compared to last year’s period, according to the Mortgage Bankers Association’s (MBA) Builder Application Survey (BAS). However, the numbers remained unchanged when compared to July,

The national sales-to-new listings ratio reached 53 percent in August, slightly above July’s 52.9 percent. This ratio has stayed relatively constant since April, with a long-term average of 55 percent. A ratio between 45 and 65 percent generally indicates balanced market conditions.

Greater Toronto-area home sales rose in August on a month-to-month basis, data showed on Thursday, rebounding from a drop in July.

Sales decreased 2.5% month on month to a 3.86 million according to a report from the National Association of Realtors

Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.

Sales of previously owned homes fell 2.5% from the prior month, as a recent drop in mortgage rates failed to offset home prices that remain near record highs.

Key Takeaways Home sales fell 2.5% in August from July, and remained near historically low levels.Falling mortgage rates and increasing numbers of homes for sale have yet to break the housing market free from gridlock.