Home prices grew at a little slower rate in May, according to the latest S&P CoreLogic Case-Shiller Index. The National Home Price NSA Index posted an annual gain of 4.5 percent in May, down slightly from 4.6 percent in April. Data from the Detroit metro is unavailable for March, April and May due to COVID-19 lockdown of county offices.
The 20-city composite posted a 3.7 percent annual gain, slipping from 3.9 percent in April. Phoenix reported the year-over-year gain at 9.0 percent, followed by Seattle at 5.8 percent and a 6.0 percent increase in Tampa. The 10-City index posted 3.1 percent compared to 3.3 percent for the prior month.
On a month-over-month basis, the National Index rose 0.7 percent while the 10- and 20-city composites increased 0.3 percent and 0.4 percent, respectively.
“May’s housing price data were stable,” says Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices. “In contrast with the past eight months, May’s gains were less than April’s. Although prices increased in May, in other words, they did so at a decelerating rate. We observed an analogous development at the city level; prices increased in all 19 cities for which we have data but accelerated in only 3 of them (in contrast with 12 cities last month and 18 the month before that).
“More data will obviously be required in order to know whether May’s report represents a reversal of the previous path of accelerating prices or merely a slight deviation from an otherwise intact trend. Even if prices continue to decelerate, that is quite different from an environment in which prices actually decline,” he added.
Sandy WilliamsRead more from Sandy Williams
Latest in Steel Markets
Canada adds ‘melt-and-pour’ requirement for steel imports
Canada will soon require steel imports to report “country of melt and pour” information.
Ternium CEO sees healthy demand buoying HRC price slide
Falling steel prices at present are not a symptom of demand but of imports arriving into the US and to some parts of Mexico, Ternium’s CEO Maximo Vedoya said this week.
GrafTech to curtail electrode capacity on weak demand, pricing
Weak demand and pricing for graphite electrodes combined with higher costs are forcing GrafTech to implement cost-cutting procedures and reduce production across its facilities.
CRU: Iron ore steady amid Chinese holidays
The iron ore market has been largely calm, with China observing the Chinese New Year (CNY) holiday period, while demand in Europe and JKT has been slow to pick up. Supply has been somewhat weaker, but overall, the price has held steady. Supply from Port Hedland remained unchanged w/w despite Roy Hill having no shipments […]
January import licenses at six-month high
Based on initial license data for January, steel imports appear to have risen to a six-month high, and flat-rolled steel imports to a seven-month high.