Steel Markets
September 24, 2020
Home Sales Outpacing Supply
Written by Sandy Williams
Consumers continued to snap up new homes in August with sales up 4.8 percent from July and 43.2 percent higher than a year ago. Sales were at a seasonally adjusted annual rate of 1,011,000, reported the U.S. Census Bureau and Department of Housing and Urban Development. It was the first time since 2006 that the annual rate exceeded one million.
Sales were concentrated in the Northeast and South in August, jumping 5.0 percent and 13.4 percent from July, respectively. Sales in the Midwest declined 21.4 percent and 1.7 percent in the West.
