Mortgage loan application volume for new homes across the U.S. ticked up 10 percent from February to March with typical seasonality in play.

On a year-over-year basis, however, mortgage application volume for new homes in the U.S. inched up less than a percent last month and the annualized pace of sales, which had dropped 5 percent in February, slipped another 3 percent in March, according to estimates from the Mortgage Bankers Association and with 10 percent more new homes on the market, year-over-year.

At the same time, the average loan size for a new home in the U.S. was effectively unchanged from February ($406,953) to March ($407,015) but 6.6 percent lower than at the same time last year ($436,151).

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