Steel Markets
Existing Home Sales Increase for Second Month
Written by Sandy Williams
September 18, 2019
Existing home sales grew for the second consecutive month with three U.S. regions reporting higher gains, said the National Association of Realtors. Sales rose 1.3 percent from July to a seasonally adjusted annual rate of 5.49 million in August. Sales were up 2.6 percent from a year ago. Sales of single-family homes rose 2.9 percent from August 2018, while sales of condos and co-ops increased 1.7 percent.
The median sales price rose 4.7 percent from a year ago to $278,200. The single-family median home price rose 4.7 percent year-over-year to $280,700, and the condos and co-op median price jumped 5.2 percent to $257,600.
NAR Chief Economist Lawrence Yun said falling mortgage rates benefited sales in August. “As expected, buyers are finding it hard to resist the current rates,” he said. “The desire to take advantage of these promising conditions is leading more buyers to the market.”
Inventory decreased to 1.86 million homes for sale, from 1.90 million in July and 1.91 million in August 2018. At the current sales price, inventory is at a 4.1-month supply, down from 4.2 months in July.
The regional breakdown shows existing home sales rising 7.6 percent in the Northeast, 3.1 percent in the Midwest and 0.9 percent in the South. The West was the only region with declining sales, falling 3.4 percent to 1.14 million in August. Existing home prices grew the most in the Midwest and declined only in the Northeast.
Low inventory may push home prices up, said Yun. “Homebuilders need to ramp up new housing, as the failure to increase construction will put home prices in danger of increasing at a faster pace than income.”
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 […]