Steel Markets
Existing Home Sales Retreat 3.7% in February
Written by Sandy Williams
March 23, 2017
Existing home sales slowed in February, declining by 3.7 percent from the previous month to a seasonally adjusted annual rate of 5.84 million. According to the National Association of Realtors, the rate continues to exceed year ago levels and was 5.4 percent above the sales pace reported in February 2016.
The median sale price for an existing home grew 7.7 percent from last year to $228,400. The price increase was the fastest in just over a year and was the 60th consecutive year-over-year gain.
Housing inventory, although still 6.4 percent lower than at this time last year, increased 4.2 percent in February to 1.75 existing homes. At the current sales pace, unsold inventory is at a 3.8 month supply, up slightly from 3.5 months in January.
Single family home sales slipped 3 percent in February while condominium and co-op sales fell 9.2 percent. Median price was up 7.6 percent to $299,900 year-over-year for single family homes and up 8.2 percent to $216,100 for condominiums.
Higher prices and tight inventory contributed to weaker sales in February, said Lawrence Yun, NAR chief economist. “Realtors are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that’s pushing up price growth and pressuring the budgets of prospective buyers,” said Yun. “Newly listed properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market.”
Added Yun, “A growing share of homeowners in NAR’s first quarter HOME survey said now is a good time to sell, but until an increase in listings actually occurs, home prices will continue to move hastily.”
Regionally, sales were down 13.8 percent in the Northeast, 7.0 percent in the Midwest, and 3.1 percent in the West. Sales of existing homes rose 1.3 percent in the South.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
Construction spending drops marginally in January
Construction spending edged down slightly in January, slipping for the first time in four months. The US Census Bureau estimated spending at a seasonally adjusted annual rate of $2,196 billion in January, down 0.2% from December’s downward revised rate. The January figure is 3.3% higher than a year ago. January’s result, despite the slight erosion, […]
HVAC equipment shipments slow in December but strong annually
Shipments of heating and cooling equipment in the US fell to an 11-month low in December, according to the latest data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).
Apparent steel supply rebounds in December, but 2024 total at 4-year low
Apparent US steel supply rebounded in December, but 2024 was still the lowest level for supply since 2020.
Trump officially orders sweeping 25% tariff on steel, aluminum
The new version of Section 232 goes into effect on 12:01 am ET on March 12, according to the executive order. The latest iteration of Section 232 removed quotas, exemptions, and other carve outs that had accumulated over years.
Tampa Steel Conference: Two weeks to go!
With just two weeks to go, we have over 400 registered so far for the 36th annual Tampa Steel Conference. Join us and hundreds of industry executives at the JW Marriott Tampa Water Street from Sunday, February 2, through Tuesday, February 4.