Steel Markets
September 26, 2016
New Home Sales Are Solid In August
Written by Sandy Williams
Sales of new single-family homes fell 7.6 percent month-over-month but were 20.6 percent higher on a year-over-year basis, according to data released by the Department of Commerce. August sales were at a seasonally adjusted rate of 609,000, compared to the upwardly revised rate of 659,000 in July and 505,000 in August 2015.
The August dip was less than forecast by analysts at Reuters who were expecting sales to be down to 600,000 for the month. The revision to the previous month’s estimate put July sales at the highest annualized level since October 2007. Despite the month-over-month decline, August sales continued to indicate a solid market following July’s surge.
