New Home Sales See Major Slowdown in September

New, single‐family home sales fell in September as rising mortgage rates stymied demand, according to a joint report from the US Department of Housing and Urban Development and the US Census Bureau.

Sales of newly constructed single-family homes fell 10.9% month-on-month (MoM) in September. Mortgage rates reached an average of 6.11% last month, while just last week rates soared past 7%, reaching their highest level since 2001.

David Schollaert

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.

David Schollaert

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