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
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.