Steel Markets
Existing Home Sales Up 1.9 Percent in October
Written by Sandy Williams
November 21, 2019
Existing home sales had a slight recovery in October, according to the National Association of Realtors. Sales of existing homes, including single-family, townhomes, condos and co-ops, increased 1.9 percent from September to a seasonally adjusted annual rate of 5.46 million. Sales were up 4.6 percent from October 2018.
“Historically low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers,” said NAR Chief Economist Lawrence Yun. “We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”
Median home prices rose 6.2 percent year-over year to $270,900 and gains were reported in all U.S. regions.
Inventory of 1.77 million units at the end of October, was down 2.7 percent from September and 4.3 percent from a year ago. Inventory was at a 3.9-month supply at the current sales pace, down from 4.2 months in September and 4.3 months in October 2018.
“The issuance of more housing permits is a very positive sign and a good step toward more inventory,” said Yun, citing the latest data for housing starts. “In order to better counter and even slow the increase in housing prices, home builders will have to bring additional homes on the market.”
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.