Steel Markets
January 25, 2017
New Home Sales Drop Sharply in December
Written by Sandy Williams
New residential sales of single-family homes fell 10.4 percent from November’s revised rate of 598,000 to a seasonally adjusted annual rate of 536,000 in December. The U.S. Census Bureau and the Department of Housing and Urban Development reports year-over-year sales were down 0.4 percent.
The drop in December was much sharper than expected by economists. Wall Street Journal economics expected a decrease of 1.5 percent while Reuters expected a dip of just 1.0 percent.
