Steel Markets
June 23, 2016
New Home Sales in May Slip After April's Surge
Written by Sandy Williams
Sales of new single family homes were at a seasonally adjusted annual rate of 551,000, according to the latest data from the Department of Commerce. May’s sales were 6.0 percent below the revised April rate of 586,000 from the initial estimate of 619,000. Year over year sales were up 8.7 percent.
A poll by Reuters forecast the annual rate would slide to 560,000. New home sales are known to be volatile and April’s 12.3 percent surge in sales was considered unsustainable. May’s level appears to be a more accurate assessment of the current new housing market.
