Steel Markets
Case-Shiller Home Price Index Sees Record 12% Gain
Written by Sandy Williams
April 27, 2021
Home prices continue to escalate and potential buyers are finding themselves embroiled in bidding wars. The latest S&P Core-Logic Case-Shiller Home Price Index found prices rose 12% year-over-year in February. The 20-City composite rose 11.9%, compared with 11.1% in January, with 19 of 20 cities reporting price gains.
“The National Composite’s 12% gain is the highest recorded since February 2006, exactly 15 years ago, and lies comfortably in the top decile of historical performance,” said Craig Lazzara, managing director and global head of index investment strategy at S&P DJI. “February’s price gains in every city are above that city’s median level, and rank in the top quartile of all reports in 18 cities.”
Pricing increased the most in Phoenix at 17.4%, followed by San Diego up 17% and Seattle gaining 15.4%. Home prices rose by double digits in all regions and were strongest in the West (+13%) and Southwest (+12.9%).
“These data remain consistent with the hypothesis that COVID has encouraged potential buyers to move from urban apartments to suburban homes. This demand may represent buyers who accelerated purchases that would have happened anyway over the next several years,” said Lazzara. “Alternatively, there may have been a secular change in preferences, leading to a permanent shift in the demand curve for housing. Future data will be required to analyze this question.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
SSAB Americas reports higher Q2 production and shipments
Despite improved operating results, SSAB Americas' second-quarter and H1’25 profits fell short of those of last year.
Global steel production slips in June
The total volume of raw steel produced around the globe fell by 5% from May to June, according to recent data published by the World Steel Association (worldsteel).
Market sentiment shows improvement: PMA Business Conditions Report
Metalforming manufacturers say they’re more confident that near-term economic conditions are improving
Galvanized steel prices and demand remain stagnant in July: HARDI
Galvanized steel prices ping-ponged in the $50/hundredweight range during the month of July, settling in at roughly the same position as in June.
USW cheers Evraz NA agreement with Atlas Holdings
The United Steelworkers (USW) labor union celebrated recent news of the signed agreement between Atlas Holdings and Evraz NA in which the Connecticut-based private equity company said it plans to acquire North America’s Evraz facilities.