Steel Markets
New Home Sales Slip 1.6% in November
Written by Sandy Williams
December 23, 2014
US new home sales slipped slightly in November to a seasonally adjusted annual rate of 438,000 from the 445,000 annual rates seen the previous month and in November 2013. Sales were 1.6 percent below both time periods.
Sales missed the economist forecast of a 460,000 unit pace in November. New home sales, which account for 8 percent of the housing market, dropped for the second month in a row.
Sluggish growth in wages and a trend towards renting rather than buying has kept the housing market from reaching a full recovery. Home builders, however, remain confident that the market will continue a slow but steady recovery in 2015.
The median price of a new home in November was $280,000 and the average sales price $321,800. At the end of November, 213,000 new homes were for sale, a supply of 5.8 months at the current sales rate.
Regionally, new home sales growth was only evident in the West where sales were up 14.8 percent from October. Sales on a month-over-month basis fell by 12 percent in the Northeast, 6.3 percent in the Midwest, and 6.4 percent in the South. On a year-over-year basis, sales increased in the Midwest by 3.5 percent and in the West by 10.7 percent. Sales dropped by 33.3 percent in the Northeast from November 2013 and by 4.1 percent in the South.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
CRU: Sheet import demand softens as domestic price gains have slowed
US domestic sheet price gains have begun to slow as previously pulled-forward demand has led to a decline in orders.
CMC looks beyond Arizona micro-mill woes to long-term viability of construction mart
Despite the economic and geopolitical upheaval of the last five years, CMC President and CEO Peter Matt points out that the construction market has been an essential element of the way forward.
US importers face stricter rules under revamped S232 tariffs
“CBP expects full compliance from the trade community for accurate reporting and payment of the additional duties. CBP will take enforcement action on non-compliance," the agency said in a March 7 bulletin.
Steel exports rebound in January
US steel exports recovered to a five-month high in January after having fallen to a two-year low in December. This growth follows four consecutive months of declining exports.
Construction spending drops marginally in January
Construction spending edged down slightly in January, slipping for the first time in four months. The US Census Bureau estimated spending at a seasonally adjusted annual rate of $2,196 billion in January, down 0.2% from December’s downward revised rate. The January figure is 3.3% higher than a year ago. January’s result, despite the slight erosion, […]