Steel Markets
Case-Shiller: Weaker Price Growth for Housing in February
Written by Sandy Williams
April 30, 2019
Home price growth reported in the S&P Core-Logic Case-Shiller National Home Price NSA Index slowed in February, rising just 4.0 percent annually from 4.2 percent in January.
The 20-city composite rose just 0.2 percent for the slowest pace of month-over-month growth since September 2012. Year-over-year, the index rose 3.0 percent.
The pace of increases for home prices continues to slow,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Homes began their climb in 2012 and accelerated until late 2013 when annual increases reached double digits. Subsequently, increases slowed until now when the National Index is up 4 percent in the last 12 months.
“Sales of existing single-family homes have recovered since 2010 and reached their peak one year ago in February 2018. Home sales drifted down over the last year except for a one-month pop in February 2019. Sales of new homes, housing starts, and residential investment had similar weak trajectories over the last year. Mortgage rates are down one-half to three-quarters of a percentage point since late 2018,” Blitzer added.
Prices rose faster in inland cities compared to those on either coast or the Great Lakes. The largest year-over-year price increase was 9.7 percent in Las Vegas.
“Regional patterns are shifting,” said Blitzer. “The three California cities of Los Angeles, San Francisco and San Diego have the three slowest price increases over the last year. Chicago, New York and Cleveland saw only slightly larger price increases than California.”
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 […]