Steel Markets
Existing Home Sales Show Slight Decline in April
Written by Sandy Williams
May 21, 2019
Existing-home sales declined slightly from March to April, slipping 0.4 percent to a seasonally adjusted annual rate of 5.19 million. Sales were down 4.4 percent from April 2018, said the National Association of Realtors.
Lawrence Yun, NAR’s chief economist, said he is not overly concerned about the dip in sales and expects moderate growth very soon. “First, we are seeing historically low mortgage rates combined with a pent-up demand to buy, so buyers will look to take advantage of these conditions,” he said. “Also, job creation is improving, causing wage growth to align with home price growth, which helps affordability and will help spur more home sales.”
The median existing-home price in April increased 3.6 percent from a year ago to $267,300, marking the 86th straight month of year-over-year gains.
April inventory increased 9.6 percent from March to 1.83 million homes for sale and grew 1.7 percent from a year ago. Inventory is at a 4.2-month supply at the current sales rate, up from 3.8 months in March and 4.0 months in April 2018.
Single-family home sales decreased 4.67 percent from March and 4.0 percent from a year ago. Condo and co-op sales were up 5.6 percent from the prior month and down 8.1 percent from April 2018.
On a month-over-month basis, sales fell 4.5 percent in the Northeast and 0.4 percent in the South. Sales were flat in the Midwest and grew 1.8 percent in the West.
“I think the market had a bit of a slow start in the fall, but Realtors all over the country have been telling me that April was a nice rebound. We’re hopeful and expect that this will continue heading into the summer,” said NAR President John Smaby. “Homes over the last month sold quickly, which is not only a win-win for buyers and sellers, but it’s also great for the real estate industry.”
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.