Steel Markets
New Home Sales to Finish the Year Strong
Written by Sandy Williams
December 27, 2019
November sales of new single-family homes increased 1.3 percent to a seasonally adjusted annual rate of 719,000 units after a downward revision to the October rate.
“Fueled by the limited number of resales available for purchase, low interest rates and low unemployment, new home sales are finishing the year strong,” said Greg Ugalde, chairman of the National Association of Home Builders.
Inventory finally pulled out of a declining trend and was at a healthy 5.4 month supply in November with 323,000 new homes for sale. Median sales price was $330,800 compared to $308,500 a year ago.
Sales were up 14.5 percent in the South and 12 percent in the West. The Northeast and Midwest saw sales slide 10.4 percent and 7.6 percent, respectively.
“With almost all the 2019 data in, the housing rebound continued through the second half of the year,” said NAHB Chief Economist Robert Dietz. “New home sales are running 10 percent higher than in 2018, and high levels of builder confidence point to production gains going into 2020.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
CRU: China’s indirect steel exports find new destination markets
The boom in China’s direct steel exports has not stopped this year, even with a rise in protectionist measures globally. The increase is driven by...
Great Lakes iron ore cargoes down in September as Cleveland tonnage slips
Iron ore shipments from US Great Lakes ports fell sharply in September, per the latest from the Lake Carriers’ Association (LCA) of Westlake, Ohio.
HVAC equipment shipments down through August
Although total HVAC shipments fell in August, YTD volumes remain relatively strong. Nearly 15 million units were produced in the first eight months of the year, the fourth-highest rate in our 19-year data history.
Sheet market sources slam tariffs for prolonged demand slump
Tariffs are ultimately to blame for stagnant demand in the hot-rolled coil market, domestic market sources tell SMU.
Week in Review: Sept. 29 -Oct. 3
Let’s take a quick tour of some key stories from SMU in the week of Sept. 29 - Oct. 3.