Steel Markets

Existing-Home Sales Slow in April
Written by Laura Miller
May 22, 2023
Existing-home sales slowed in April amidst an environment of push-pull housing demand, according to the National Association of Realtors (NAR).
![]()
Total sales in all regions were down both month on month (MoM) and year on year (YoY). April’s seasonally adjusted annual rate (SAAR) of sales at 4.28 million, was off 3.4% from March’s rate and down 23.2% from April 2022.
Compared to the prior month, sales were 1.9% lower in both the Northeast and the Midwest, 3.4% lower in the South, and 6.1% lower in the West.
“Home sales are bouncing back and forth but remain above recent cyclical lows,” commented NAR chief economist Lawrence Yun.
“The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand,” Yun added.
The inventory of unsold existing homes rose by 7.2% from March to 1.04 million at the end of April. This was an increase of 1.0% from year-ago levels. Unsold inventory, at 2.9 months at April’s end based on the current sales pace, was higher than 2.6 months at March’s end, and also higher than the 2.2 months registered at the end of April 2022.
The median price for existing homes dropped 1.7% YoY to $388,800. Sales prices were higher in the Northeast and Midwest regions but fell back in the South and West.
“Roughly half of the country is experiencing price gains. Even in markets with lower prices, primarily the expensive West region, multiple-offer situations have returned in the spring buying season following the calmer winter market. Distressed and forced property sales are virtually nonexistent,” Yun noted.
By Laura Miller, laura@steelmarketupdate.com
Laura Miller
Read more from Laura MillerLatest in Steel Markets
Market sources say regional activity is dictating plate demand
Demand for plate on the spot market remains soft by comparison to years past. However, this week regional demand variations grew more pronounced.
AISI: Raw steel production bounces back
Domestic mill production rebounded last week, according to the latest production figures released by the American Iron and Steel Institute (AISI). Production had been historically strong over the summer months before softening in early October.
US sets Section 232 tariffs on trucks and buses
Medium- and heavy-duty trucks (MHDV) and buses imported to the US will start being charged Section 232 tariffs beginning Nov. 1.
Hot-rolled sources say demand continues to dwindle, prices feel arbitrary
Genuine demand, they stated, will return when the market feels stable again.
FabArc Steel Supply completes projects in Mississippi, Georgia
FabArc Steel Supply announced this week the completion of two large-scale projects in Georgia and Mississippi.
