Steel Markets

January New Home Sales Up 3.7 Percent from December
Written by Sandy Williams
February 24, 2017
Sales of new homes climbed 3.7 percent in January to a seasonally adjusted annual rate of 555,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. January sales were 5.5 percent higher than the January 2016 estimate of 526,000.
The median sales price of new houses sold in January was $312,900 and the average sales price was $360,900.
An estimated 265,000 new homes were for sale at the end of January representing a supply of 5.7 months at the current sales rate.
“This increase in new home sales is in line with our forecast for a steady, gradual recovery of the housing market,” said Granger MacDonald, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas. “However, the pace of growth may be hampered by supply-side headwinds, such as shortages of lots and labor.”
“We can expect further growth in new home sales throughout the year, spurred on by employment gains and a rise in household formations,” said NAHB Chief Economist Robert Dietz. “As the supply of existing homes remains tight, more consumers will turn to new construction.”
On a regional basis,, new home sales increased 15.8 percent in the Northeast, 14.8 percent in the Midwest and 4.3 percent in the South. Sales fell 4.4 percent in the West.

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
Glenfarne Alaska LNG and POSCO ink preliminary partnership
Glenfarne Alaska LNG and POSCO signed a preliminary strategic agreement during the GasTech Conference in Milan on Thursday.

Steel export volumes remain weak through July
Following a 3% decline in June, the amount of steel shipped outside of the US edged up 1% in July to 623,000 short tons. July was the sixth-lowest monthly export rate since the COVID-19 pandemic, and...

Hot-rolled market participants say ‘doldrums’ to roll on through year-end
Participants in the hot-rolled steel sheet market expect the market to remain subdued through the end of the year.

Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.

Great Lakes iron ore shipments declined in August
Shipments of iron ore across the Great Lakes dropped to 5 million short tons (st) in August, according to the latest data from the Lake Carriers’ Association. That’s down 9.1% compared to August 2024 and 2% lower than the month’s 5-year average. All told, the year-to-date (YTD) iron ore volumes through August totaled 26.7 million […]