Steel Markets
New Home Sales Accelerate in September
Written by Sandy Williams
October 25, 2017
New home sales in September jumped 18.9 percent from last month to a seasonally adjusted annual rate of 667,000, according to the Department of Housing and Urban Development and the Census Bureau. September sales were 17 percent higher than a year ago.
The median sales price was $319,700 and the average sales price $385,200.
Inventory of new homes for sale at the end of September was 279,000, a 5.0 month supply at the current sales rate.
Sales jumped 33.3 percent in the Northeast followed by a 24.8 percent gain in the South. Midwest sales were 10.6 percent higher and the West posted a gain of 2.9 percent.
“The September sales numbers show that there is solid, growing demand for new home construction,” said Granger MacDonald, chairman of the National Association of Home Builders. “However, builders need to continue to monitor rising construction costs to keep houses affordably priced.”
“New home sales have bounced back from a few soft months and have returned to the strong growth trend we saw earlier this year,” said NAHB Chief Economist Robert Dietz. “As existing home inventory remains tight, we can expect new homes sales to continue to make gains in the months ahead.”
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, […]