Steel Markets

Home Price Growth Stabilizing in Latest Case-Shiller Data
Written by Sandy Williams
October 30, 2019
Home prices rose in August but at a slowing pace, says S&P Dow Jones Indices. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 3.2 percent annual gain compared to 3.1 percent in July.
An annual gain of 1.5 percent was reported for the 10-City Composite compared to 1.6 percent in July. The 20-City Composite posted a 2.0 percent annual gain and was unchanged from the previous month.
“The U.S. National Home Price NSA Index trend remained intact with a year-over-year price change of 3.2 percent,” said Philip Murphy, Managing Director and Global Head of Index Governance at S&P Dow Jones Indices. “However, a shift in regional leadership may be underway beneath the headline national index.”
Phoenix, Charlotte and Tampa reported the highest year-over-year price gains among the 20-City Composite cities. Seven of the 20 cities reported greater price increases in the year ending August 2019 versus the year ending July 2019.
“Rather than signifying an impending housing swoon, this slowdown should more accurately be read as stabilization after years of imbalance between buyers and sellers,” said Matt Speakman, economist at Zillow. “Demand for housing is staying strong, and homebuyers remain optimistic about the state of the market, insisting that now is as good a time to buy as any since at least last year.”
Speakman added, “A severe and enduring shortage of inventory, particularly at entry-level price points, does continue to impede many would-be buyers’ aspirations and is somewhat worrisome. Recent, encouraging home sales reports suggest that a sharp slowdown in the housing market is unlikely, and that a modest reacceleration of home value appreciation may be coming soon.”

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets

Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.

Sheet market participants say sales still in a slump
Across the US and throughout the steel supply chain, market participants are reporting another painfully quiet week for hot-rolled (HR) coil sales.

CRU: Lower sheet prices have pulled back demand for imports
Domestic sheet prices in the US remained under pressure, limiting interest in imports, while domestic prices for longs products continued to rise.

President Trump intends to set additional steel tariffs
While boarding Airforce One on Friday, US President Donald Trump stated that he would be setting more steel tariffs and putting ~100% tariffs on semiconductors and chips.

USS, government officials give update on Clairton Coke Works incident
U.S. Steel, Allegheny County executive Sara Innamorato, and Pennsylvania Gov. Josh Shapiro clarified details from early reports about the Clairton Coke Works facility explosion just one day earlier.