Having dropped 12 percent from August to September, application volume for new home loan purchases in the U.S. ticked up 6 percent from September to October and was nearly 40 percent higher than at the same time last year, according to loan application data from the Mortgage Bankers Association.

That being said, keep in mind that application volume was down nearly 30 percent on a year-over-year basis last October and the average loan size for a new home in the U.S. continues to inch down, from $397,550 in September to $390,225 in October, which was 2.6 percent lower than at the same time last year ($400,616), with builders “offering buyers rate buydowns and other incentives” as well and inventory inching back up.

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