Steel Markets

Existing Home Sales Up 2.6 Percent in June
Written by Sandy Williams
July 22, 2014
Existing home sales rose 2.6 percent to a seasonally adjusted rate of 5.04 million in June according to a report by the National Association of Home Realtors. Sales were at the highest rate since October 2013 but 2.3 percent below the rate in June 2013.
“Inventories are at their highest level in over a year and price gains have slowed to much more welcoming levels in many parts of the country,” said Lawrence Yun, NAR chief economist. In order to have a balanced market, however, Yun says new home construction needs to rise by at least 50 percent to correct supply shortages, especially in the West, that are pushing prices higher.
The flat wage growth is also holding back the pace of sales, said Yun, as potential homebuyers back off on buying despite the availability of low interest rates.
June housing inventory stood at 2.23 million existing homes for sale—a 2.2 percent increase from May and 5.5 month supply at the current sales rate. The June inventory is 6.5 percent higher than levels in June 2013.
The median existing home price was 4.3 percent higher year over year at $223,300. The median number of days on the market was 44, down from 47 in May and 37 days in June 2013.
Single family home sales rose 2.5 percent to a seasonally adjusted rate of 4.43 million while condominium and co-op sales increased 3.4 percent from the previous month to 610,000 units.
Regionally, the Midwest led sales with a 6.2 percent increase, followed by the Northeast up 3.2 percent, the West up 2.7 percent and the South 0.5 percent month-over-month.

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets

Worldsteel: Global steel demand flat, but modest rebound forecast for 2026
The World Steel Association (worldsteel) Short Range Outlook for global steel demand predicts that 2025’s steel demand will clock in at the same level as in 2024. In its October report, the Brussels-based association stated that this year’s steel demand will reach ~1,750 million metric tons (mt). The organization forecasts a 1.3% demand rebound in 2026, pushing […]

CRU: China’s indirect steel exports find new destination markets
The boom in China’s direct steel exports has not stopped this year, even with a rise in protectionist measures globally. The increase is driven by...

Great Lakes iron ore cargoes down in September as Cleveland tonnage slips
Iron ore shipments from US Great Lakes ports fell sharply in September, per the latest from the Lake Carriers’ Association (LCA) of Westlake, Ohio.

HVAC equipment shipments down through August
Although total HVAC shipments fell in August, YTD volumes remain relatively strong. Nearly 15 million units were produced in the first eight months of the year, the fourth-highest rate in our 19-year data history.

Sheet market sources slam tariffs for prolonged demand slump
Tariffs are ultimately to blame for stagnant demand in the hot-rolled coil market, domestic market sources tell SMU.