Steel Markets
March 23, 2018
New Home Sales Dip in February; Lumber Tariffs Push Up Costs
Written by Sandy Williams
New home sales dipped 0.6 percent in February to a seasonally adjusted annual rate of 618,000, according to the latest data from the Department of Commerce. The rate was 0.5 percent higher than the February 2017 estimate.
“The recent upward revisions to the sales numbers reflect our forecast for a gradual strengthening of the single-family housing sector in 2018,” said National Home Builders Association Chief Economist Robert Dietz. “Demographic tailwinds point to higher demand for single-family homes in the months ahead. Combined with solid job market data, we expect more consumers to enter the housing market this year.”
