Steel Markets
New Home Sales Rebound in June
Written by Sandy Williams
July 25, 2019
Sales of new homes rebounded in June after two months of decline, says new data released by the Commerce Department on Wednesday. Sales of new single-family homes were at a seasonally adjusted annual rate of 646,000 last month, a 7.0 percent increase from the revised May number and 4.5 percent higher than a year ago.
The median sales price was $310,400 and the average price $368,000. Inventory of 338,000 new houses at the end of June represents a supply of 6.3 months at the current sales rate.
“Though there is a clear demand for new homes, builders continue to wrestle with affordability headwinds, including shortages of buildable lots and skilled labor, that are constraining sales,” said NAHB Chairman Greg Ugalde.
“The June figures are in line with our forecast predicting a modest 3.5 percent growth in new home sales for 2019, due largely to affordability concerns,” said NAHB Economist Danushka Nanayakkara-Skillington.
On a year-over-year basis, new home sales are 19.4 percent higher in the West and 9.5 percent higher in the South. Sales are down 50 percent in the Northeast and 17.6 percent in the Midwest.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
CRU: Sheet import demand softens as domestic price gains have slowed
US domestic sheet price gains have begun to slow as previously pulled-forward demand has led to a decline in orders.
CMC looks beyond Arizona micro-mill woes to long-term viability of construction mart
Despite the economic and geopolitical upheaval of the last five years, CMC President and CEO Peter Matt points out that the construction market has been an essential element of the way forward.
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, […]