Steel Markets
New Home Sales Stable in September
Written by Sandy Williams
October 24, 2019
New home sales remained relatively stable in September, slipping only 0.7 percent to a seasonally adjusted annual rate of 701,000. The August rate was revised downward to 706,000.
“New home sales inched down in September, but the ongoing trend remains positive as builders increase their production,” said Greg Ugalde, chairman of the National Association of Home Builders.
The median sales price of new single-family homes sold in September was $299,400 and the average sales price was $362,700.
An estimated 321,000 homes were in inventory at the end of September—a supply of 5.5 months at the current sales rate.
“Sales volume is expected to improve slightly in the coming months as more newly-built inventory arrives,” said Jing Fu, NAHB’s Director of Forecasting and Analysis.
Regionally, new home sales increased on a year-to-date basis by 12.8 percent in the South and 7.3 percent in the West. Sales were down 10.3 percent in the Northeast and 10.6 percent in the Midwest.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
Dodge Momentum drops on moderating data center growth
Slowing growth in data center planning caused the Dodge Momentum Index (DMI) to pull back in September. The decline followed five months of growth after the index hit a two-year low in March.
US construction spending drops again in August
Construction spending in the US declined for a third month in August but showed an increase year over year (y/y). The US Census Bureau estimated construction spending to be $2.131 trillion in August on a seasonally adjusted annual rate (SAAR). While this was 0.1% below July’s revised spending rate, it was 4.1% higher than spending […]
Global steel production eases in August
Steel mill output around the world totaled 144.8 million metric tons (mt) in August, the lowest monthly rate of 2024.
Dismal ABI suggests weakness in non-res construction will persist
The August Architecture Billings Index (ABI) continued to indicate weak business conditions amongst architecture firms through August, according to the American Institute of Architects (AIA) and Deltek.
AISI: Raw steel production slips to 5-week low
Domestic raw steel mill production eased last week but remains at a healthy rate, according to the latest release from the American Iron and Steel Institute (AISI).