Steel Markets
July 25, 2016
New Home Sales at Highest Pace in 8 Years
Written by Sandy Williams
Sales of new U.S. single-family homes jumped 3.5 percent to a seasonally adjusted annual rate of 592,000 from a revised May total of 572,000, said the Commerce Department on Tuesday. The increase exceeded analyst expectations for a rate of 560,000. Sales for the first half of 2016 were 10.1 percent higher than the same period last year.
“This positive report is in line with our forecast for a gradual recovery of the housing market,” said NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill. “For builders to meet the increasing demand for housing, we need to address supply-side headwinds such as shortages of lots and labor.”
