Steel Markets
Sales of Existing Homes Surge
Written by Sandy Williams
December 21, 2017
Existing home sales surged for a third month in November, increasing at their strongest pace in almost 11 years, reports the National Association of Realtors. Sales jumped 5.6 percent sequentially to a seasonally adjusted annual rate of 5.81 million and were 3.8 percent higher year-over-year. The median home price for all types of existing housing was $248,000, an increase of 5.8 percent from November 2016.
Single-family home sales increased 4.5 percent last month, while existing condo and co-op sales grew 14.3 percent. The median price for a single-family home was $248,000 and for condos $242,500. Prices were up 5.4 percent and 8.8 percent year-over-year, respectively.
Housing inventory tightened to 1.67 million existing homes for sale at the end of November. Inventory is down 7.2 percent from October and 9.7 percent from a year ago. At the current sales pace, inventory is at a 3.4-month supply.
“Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end,” said NAR Chief Economist Lawrence Yun. “As evidenced by a subdued level of first-time buyers and increased share of cash buyers, move-up buyers with considerable down payments and those with cash made up a bulk of the sales activity last month. The odds of closing on a home are much better at the upper end of the market, where inventory conditions continue to be markedly better.”
Existing home sales increased 67 percent in the Northeast, 8.4 percent in the Midwest, and 8.3 percent in the South. Sales in the West declined 2.3 percent.
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, […]