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    Analysis

    February 25, 2022

    January New Home Sales Slip

    Written by David Schollaert

    Sales of new single-family homes fell in January following a sharp upwardly revised reading the month prior. Last month’s 4.5% decline in new homes sales resulted from rising interest rates. The seasonally adjusted rate of 801,000 was steady because demand remains strong, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reported.

    “Demand is strong given a lack of existing home inventory,” NAHB Chairman Jerry Konter said. “Builders are grappling with supply-chain issues that are extending construction times and increasing costs. Policymakers need to focus on alleviating production bottlenecks, particularly as it relates to lumber and other building materials.”

    David Schollaert

    David Schollaert is deputy editor-in-chief 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. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

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