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
Hot-rolled coil buyers continue seeking certainty
Steel market participants contend that buyers will remain in “wait-and-see" mode until some market stability is restored.
Latin American steel advocates warn on cheap import flood
Subsidized Chinese steel imports and cheap steel products from Association of Southeast Asian Nations (ASEAN) entering Latin American (LATAM) are threatening the region's steel market.
CRU: Steel prices fall amid global demand weakness
The forceful headwinds bearing down on steel markets across the globe have created demand challenges and sent prices southward. The US, however, challenged the global trend.
Hot-rolled price hikes garner mixed reactions from the market
Several steel market sources say they were blindsided when mills increased spot prices for hot-rolled coils this week.
Steel market participants mull the impact of US/Mexico S232 negotiations
Steel market participants learned that negotiations between the US and Mexico include discussions about Section 232 tariffs on steel and aluminum despite President Trump’s June 3 proclamation increasing the tariffs from 25% to 50% for all steel and aluminum imports—except for those from the UK.