Steel Markets
Case-Shiller Index Reveals Slower Gains in Home Pricing
Written by Sandy Williams
November 26, 2018
Home price increases are slowing, according to the latest S&P CoreLogic Case-Shiller Index. The National Home Price NSA Index reported a 5.5 percent annual gain in September, down from 5.7 percent in August and the second consecutive decline. Sixteen of the 20 cities reported smaller annual price gains. Gains are now at the lowest level since January 2017.
The 10-City Composite annual increase came in at 4.8 percent, down from 5.2 percent in the previous month. The 20-City Composite posted a 5.1 percent year-over-year gain, down from 5.5 percent in the previous month.
On a month-over-month basis, the National Index grew a seasonally adjusted 0.1 percent, while neither the 10-City or 20-City composites showed any gains.
“Home prices plus data on house sales and construction confirm the slowdown in housing,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.
“Sales of both new and existing single-family homes peaked one year ago in November 2017. Sales of existing homes are down 9.3 percent from that peak. Housing starts are down 8.7 percent from November of last year. The National Association of Home Builders sentiment index dropped seven points to 60, its lowest level in two years. One factor contributing to the weaker housing market is the recent increase in mortgage rates. Currently, the national average for a 30-year fixed rate loan is 4.9 percent, a full percentage point higher than a year ago.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
US importers face stricter rules under revamped S232 tariffs
“CBP expects full compliance from the trade community for accurate reporting and payment of the additional duties. CBP will take enforcement action on non-compliance," the agency said in a March 7 bulletin.
Steel exports rebound in January
US steel exports recovered to a five-month high in January after having fallen to a two-year low in December. This growth follows four consecutive months of declining exports.
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.