Steel Markets
April 25, 2017
New Home Sales Surge in March but Builders Worried About Lumber Tariffs
Written by Sandy Williams
New home sales reached an 8-month high as the spring season brought out new buyers. Sales of new single-family homes rose 5.8 percent to a seasonally adjusted annual rate of 621,000 in March. The rate is 15.6 percent above the March 2016 estimate, according to the US Census Bureau and Department of Housing and Urban Development.
The South led home sales with sales of 323,000 followed by the West at 175,000. Sales dropped off in the Midwest, declining 4.5 percent from the previous month to 84,000 units. Sales totaled 39,000 in the Northeast for a 25.6 percent jump after falling 24.4 percent in February. On a year-over-year basis, sales improved by double digits everywhere except the South where sales were 5.9 percent higher than March 2016.
