Steel Markets
October 25, 2018
New Home Sales Plummet in September
Written by Sandy Williams
Sales of new homes fell in September to a seasonally adjusted annual rate of 553,000, the lowest level since December 2016. Sales dropped 5.5 percent from the previous month and 13.2 percent from September 2017, according to the latest report from the Commerce Department.
“Home price gains and rising interest rates are slowing down the housing market, particularly in high-cost areas and among entry-level buyers who are sensitive to price increases,” said National Association of Home Builders chief economist Robert Dietz. “Builders need to provide homes at different price points to address these affordability concerns. Meanwhile, overall job and economic growth should help support the housing market in the months ahead as it adjusts to higher mortgage interest rates.”
