Steel Markets
Existing Home Sales Rise Nationwide
Written by Sandy Williams
November 20, 2017
Existing home sales increased for the second month in a row and at the strongest pace since early summer. Total sales in October, including single-family homes, townhomes, condominiums and co-ops, increased 2.0 percent from the previous month to a seasonally adjusted annual rate of 5.48 million.
Lawrence Yun, National Association of Realtors chief economist, says sales activity in October picked up for the second straight month, with increases in all four major regions. “Job growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which is in turn giving households added assurance that now is a good time to buy a home,” he said. “While the housing market gained a little more momentum last month, sales are still below year-ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated.”
Added Yun, “The residual effects on sales from Hurricanes Harvey and Irma are still seen in parts of Texas and Florida. However, sales should completely bounce back to their pre-storm levels by the end of the year, as demand for buying in these areas was very strong before the storms.”
The median existing home price increased 5.5 percent year-over-year to $247,000. Housing inventory at the end of October decreased 3.2 percent to 1.80 million homes for sale. Inventory is at a 3.9-month supply at the current sales pace, down from 4.4 months a year ago.
Single-family home sales jumped 2.1 percent for a seasonally adjusted annual rate of 4.87 million. Median price for single-family homes rose 5.4 percent from last year to $248,300.
All four regions saw sales increase in October. The Northeast rose 4.2 percent, Midwest 0.8 percent, South 1.9 percent, and the West 2.4 percent.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
Drilling activity slows in US but picks up steam in Canada
Oil and gas drilling in the US slowed for a third consecutive week, while activity in Canada hovered just shy of the 19-week high reached two weeks prior.
SMU Survey: Buyers remain leery of tariffs, but more see reshoring happening
This week’s SMU survey reveals that a growing number of steel market participants are weary of tariffs and are awaiting evidence of progress reshoring. At the start of 2025, now-second-term President, Donald Trump, pronounced that his plan to implement tariffs would result in increased revenue for the US.
Hot-rolled coil market remains slow, market participants say
Hot rolled spot market participants reported another week of moderate demand and ample supply, with no strong signs that conditions will change next week.
Plate prices slip even as mills officially keep tags unchanged
US plate market participants are not fazed by the constricted nature of the current spot market pricing environment. Right now, they said, mill’s choosing to hold prices from one month to the next makes sense because service centers remain amply supplied and demand is stable. Modest upticks or slips in prices are aligned with most of the participants' expectations right now.
Still no cure for the summertime HR market blues
Seasonal steel slowdowns combined with ongoing anxieties about tariffs and mill strategies have dampened sentiment for several hot-rolled steel market participants this week. Buyers are jittery, market stands still The operator of a Midwest-based service center said that steel buyers are scared. “Everyone is afraid to buy steel right now. Unless you’re on a […]