Steel Markets
New Home Sales Beat Economist Expectations
Written by Sandy Williams
February 26, 2015
Sales of new residential single-family homes declined just 0.2 percent in January to a seasonally adjusted annual rate of 481,000, according to estimates by the U.S. Census Bureau and Department of Housing and Urban Development. Sales were 0.2 percent below December’s revised rate but 5.3 percent higher than January 2014. The annual sales rate was higher than economist projections of around 470,000.
The December annual rate was revised upwards to 482,000 from 481,000, making it the strongest month since June 2008.
Median sales price was $294,300 and the average sales price $348,300. Inventory stood at 218,000, a 5.4 month supply at the current sales rate. The estimate of new homes for sale was at its highest volume since March 2010.
Regionally, sales plummeted by 51.6 percent sequentially in the Northeast as winter smacked the region hard in January. Sales were up 19.2 percent in the Midwest and 2.2 percent in the South. Sales in the West were down 0.8 percent from December.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.
Sheet market participants say sales still in a slump
Across the US and throughout the steel supply chain, market participants are reporting another painfully quiet week for hot-rolled (HR) coil sales.
CRU: Lower sheet prices have pulled back demand for imports
Domestic sheet prices in the US remained under pressure, limiting interest in imports, while domestic prices for longs products continued to rise.
President Trump intends to set additional steel tariffs
While boarding Airforce One on Friday, US President Donald Trump stated that he would be setting more steel tariffs and putting ~100% tariffs on semiconductors and chips.
USS, government officials give update on Clairton Coke Works incident
U.S. Steel, Allegheny County executive Sara Innamorato, and Pennsylvania Gov. Josh Shapiro clarified details from early reports about the Clairton Coke Works facility explosion just one day earlier.