Steel Markets
New Home Sales Jump in January
Written by Sandy Williams
February 26, 2020
Sales of new homes in January jumped 7.9 percent from December to a seasonally adjusted annual rate of 764,000, according to the U.S. Census Bureau and Department of Housing and Urban Development. Sales were 18.6 percent higher than the January 2019 estimate.
“The January sales pace matches what builders are saying in NAHB surveys – builder confidence is strong and low interest rates have fueled single-family housing demand at the start of 2020,” said National Association of Home Builders Chairman Dean Mon.
The median sales price of a new home sold in January was $348,200 and the average price $402,300. Inventory was estimated at 324,000 homes for sale at the end of January, a supply of 5.1 months at the current sales rate.
Sales increased the most in the Midwest, soaring 30.3 percent from December, followed by a strong showing of 23.5 percent in the West. Sales in the Northeast were up 4.8 percent, but fell 4.4 percent in the South.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
HVAC shipments slip in September but are still trending higher
Following a strong August, total heating and cooling equipment shipments eased in September to a five-month low, according to the latest data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).
GrafTech Q3 loss widens as electrode demand remains soft
GrafTech International’s third-quarter net loss increased from last year, with the company anticipating continuing weakness in near-term demand for graphite electrodes.
Cliffs forecasts 2025 rebound after Q3’s weakest demand since Covid
The negative impact of high interest rates on consumer behavior, particularly in the automotive and housing sectors, was the primary driver of the demand weakness seen across the third quarter, according to Cleveland-Cliffs executives.
Primetals secures long-term maintenance deals in the Americas
Primetals Technologies renewed two long-term maintenance service contracts with steel producers in the Americas.
Steel imports slip 10% from August to September
September marked the lowest month for steel imports so far this year, according to preliminary Census data released by the Commerce Department.