May New Home Sales Expand Amid Headwinds: NAHB

New home sales posted a solid gain in May following four months of declines. The increase came despite strong headwinds, including rising mortgage rates and high sales prices. The reason: buyers rushing into the market in advance of the Federal Reserve’s June interest rate hike.

construction3 Sales of newly built, single-family homes in May increased 10.7% to a 696,000 seasonally adjusted annual rate from an upwardly revised reading month on month (MoM). But the figure is down 10.6% compared to one year ago, the US Department of Housing and Urban Development and the US Census Bureau reported.

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.

David Schollaert

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