Steel Markets
Existing Home Sales Slide in September
Written by Sandy Williams
October 22, 2019
Existing home sales fell 2.2. percent from August to a seasonally adjusted annual rate of 5.38 million in September, says the National Association of Realtors. The decline followed two consecutive months of gain. Sales in the Midwest fell the hardest but all four regions saw declines. Higher home prices due to insufficient inventory was partially to blame, said NAR Chief Economist Lawrence Yun.
“We must continue to beat the drum for more inventory,” said Yun. “Home prices are rising too rapidly because of the housing shortage, and this lack of inventory is preventing home sales growth potential.”
Inventory at the end of September was 1.83 million, unchanged from August and down 2.7 percent from a year ago. Inventory at the end of September stood at a 4.1-month supply at the current sales rate. A healthy inventory supply is considered to be six months.
Single-family home sales fell 2.6 percent from August to a SAAR of 4.78 million, but were 3.9 percent higher than a year ago. Median sales price rose 6.1 percent year-over-year to $275,100 in September
Existing condominium and co-op sales rose 1.7 percent from the previous month to an annual rate of 600,000 units and were 3.4 percent higher than a year ago. The median existing condo price was $248,600, an increase of 4.5 percent from September 2018.
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 […]