Steel Markets
New Home Sales Rebound in May
Written by Sandy Williams
June 23, 2017
New home sales in May rebounded after an April decline to a seasonally adjusted annual rate of 610,000, an increase of 2.9 percent. Median sales price increased to $345,800 and the average sales price was $406,400. Median sales price reached a record high, up 16.6 percent from a year ago.
Inventory at the end of May stood at 268,000, a supply of 5.3 months at the current sales rate. Inventory rose 1.5 percent in May, but remains low due to a shortage of available lots.
Regionally, sales increased 13.3 percent in the West and 6.2 percent in the South on a month-over-month basis. Sales plunged 25.7 percent in the Midwest and 10.8 percent in the Northeast.
“This month’s report is in line with our forecast, and consistent with solid builder confidence readings,” said National Association of Home Builders Chief Economist Robert Dietz. “With more consumers entering the market, further job growth and tight existing home inventory, the new home sector should continue to expand.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
Trading firms Mercuria and Tata International partner in joint venture
Geneva-based global commodities trader Mercuria is set to acquire a majority stake in Tata International, according to a report in India's Economic Times.
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.