Mortgage loan application volume for new homes across the U.S. ticked down 5 percent from May to June with typical seasonality in play but was 26 percent higher than at the same time last year.

As we noted last month, however, discounting has helped to drive the uptick in sales activity, with the inventory of new homes having hit a 15-year high last year.

And in fact, the average loan size for a new home in the U.S. ticked down from $403,581 in May to $400,281 in June and was 6.2 percent lower than at the same time last year ($426,966) despite the “jump in demand.”

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