Steel Markets
February Home Sales Strong Before Coronavirus Impact
Written by Sandy Williams
March 23, 2020
Sales of new homes in February rose 4.4 percent to a seasonally adjusted annual rate of 765,000, according to estimates by the U.S. Census Bureau and the Department of Housing and Urban Development. Compared to February 2019, sales jumped 14 percent.
“New home sales were solid in February before challenges associated with the coronavirus set in on the economy,” said National Association of Home Builders Chief Economist Robert Dietz.
“The January and February sales figures, helped by warm weather during the winter, were the best recorded seasonally adjusted annual rates since the Great Recession,” he added.
The median sales price of a new house sold in February 2020 was $345,900 and the average price $403,800. An estimated 319,000 homes were for sale at the end of the month, representing a supply of 5.0 months at the current sales rate.
Dietz expects the pace of new home sales to decline in the second quarter as the coronavirus impacts employment and shutdowns restrict buyer activity.
“However, given the momentum housing construction held at the start of 2020, the housing industry will certainly be a sector leading the economy in the eventual recovery,” he added.
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.