Steel Markets
Case-Shiller Index Reports Slowing Home Prices in May
Written by Sandy Williams
July 29, 2019
Home prices continued to rise in May but at a much slower pace, according to the latest S&P CoreLogic Case-Shiller National Home Price NSA Index. The Index showed an annual gain of 3.4 percent in May, down from 3.5 percent in April. The 20-City Composite price growth slipped to 2.4 percent from 2.5 percent the previous month.
Las Vegas, Phoenix and Tampa reported the highest year-over-year gains among the 20 cities—6.4 percent, 5.7 percent and 5.1 percent, respectively. Seven of the 20 cities reported greater price increases in the year ending May 2019 versus the year ending April 2019. On a month-over-month basis, the National index increased 0.2 percent and the 20-City Composite 0.1 percent.
“Nationally, year-over-year home price gains were lower in May than in April, but not dramatically so and a broad-based moderation continued,” said Philip Murphy, Managing Director and Global Head of Index Governance at S&P Dow Jones Indices. “Among 20 major U.S. city home price indices, the average YOY gain has been declining for the past year or so and now stands at the moderate nominal YOY rate of 3.1 percent.
“Whether negative YOY rates of change spread to other cities remains to be seen; for now, there is still substantial diversity in local trends. Nationally, increasing housing supply points to somewhat weakened demand, but the fact that seven cities experienced stronger YOY price gains in May than they did in April suggests an underlying resiliency that may mitigate the risk of overshooting to the downside at the national level,” he added.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
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.
Galvanized buyers see glimmers of optimism amidst the chaos
Reflecting on 2024 and looking ahead to the new year, galvanized steel buyers on this month’s HARDI call expressed a mix of cautious optimism with lingering uncertainties.