Steel Markets
February Home Sales Strong Before Coronavirus Impact
Written by Sandy Williams
March 23, 2020
Sales of new homes in February rose 4.4 percent to a seasonally adjusted annual rate of 765,000, according to estimates by the U.S. Census Bureau and the Department of Housing and Urban Development. Compared to February 2019, sales jumped 14 percent.
“New home sales were solid in February before challenges associated with the coronavirus set in on the economy,” said National Association of Home Builders Chief Economist Robert Dietz.
“The January and February sales figures, helped by warm weather during the winter, were the best recorded seasonally adjusted annual rates since the Great Recession,” he added.
The median sales price of a new house sold in February 2020 was $345,900 and the average price $403,800. An estimated 319,000 homes were for sale at the end of the month, representing a supply of 5.0 months at the current sales rate.
Dietz expects the pace of new home sales to decline in the second quarter as the coronavirus impacts employment and shutdowns restrict buyer activity.
“However, given the momentum housing construction held at the start of 2020, the housing industry will certainly be a sector leading the economy in the eventual recovery,” he added.
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.