Steel Markets
Existing Home Sales Slip in October
Written by Sandy Williams
November 23, 2015
Existing home sales fell 3.4 percent to a seasonally adjusted annual rate of 5.36 million in October, according to the National Association of Realtors. The decline followed a spurt in sales to a rate of 5.55 million in September. Home sales were up 3.9 percent on a year over year basis and are expected to finish the year at a strong annual rate.
“New and existing-home supply has struggled to improve so far this fall, leading to few choices for buyers and no easement of the ongoing affordability concerns still prevalent in some markets,” said Lawrence Yun, NAR chief economist. “Furthermore, the mixed signals of slowing economic growth and volatility in the financial markets slightly tempered demand and contributed to the decreasing pace of sales.”
Yun added, “As long as solid job creation continues, a gradual easing of credit standards even with moderately higher mortgage rates should support steady demand and sales continuing to rise above a year ago.”
Existing home prices continued to rise for the 44th consecutive month. Median existing home price for all housing types was $219,600, a 5.8 percent increase year over year.
Inventory at the end of October dropped 2.3 percent to 2.14 million homes for sales. At the current sales pace, the inventory supply is 4.8 months.
Single family home sales fell 3.7 percent to a SAAR of 4.75 million with a median sales price of $221,200. Condo and co-op sales were down 1.6 percent at a median price of $207,100.
Sales in the Northeast were unchanged at an annual rate of 760,000, up 8.6 percent year over year. Median price was $248,900. Sales in the Midwest, South and West declined by 0.8 percent, 3.2 percent, and 9.7 percent, respectively. Median home price was highest in the West at $319,000.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
US steel exports rise to 12-month high in August
The amount of steel exiting the country in August reached the highest monthly rate recorded since August 2023.
Worldsteel lowers short-term forecast for global steel demand
The World Steel Association (worldsteel) has made significant downward revisions to its Short Range Outlook for global steel demand.
US steel imports tick up in August, fall again in September
August steel imports totaled 2.38 million short tons (st) according to final data released this week by the US Commerce Departmen
Dodge Momentum drops on moderating data center growth
Slowing growth in data center planning caused the Dodge Momentum Index (DMI) to pull back in September. The decline followed five months of growth after the index hit a two-year low in March.
US construction spending drops again in August
Construction spending in the US declined for a third month in August but showed an increase year over year (y/y). The US Census Bureau estimated construction spending to be $2.131 trillion in August on a seasonally adjusted annual rate (SAAR). While this was 0.1% below July’s revised spending rate, it was 4.1% higher than spending […]