Steel Markets
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/media/k2/items/src/7b207271c9ef5a6cf23cb9f800470129.jpg)
New Home Sales Soar in July
Written by Sandy Williams
August 25, 2020
Sales of new single-family homes soared 13.9 percent in July to a seasonally adjusted annual rate of 901,000 and the highest level in almost 14 years, according to estimates by the U.S. Census Bureau and the Department of Housing and Urban Development. Compared to a year ago, sales surged 36.3 percent.
The phenomenal increase stunned economists who were expecting a moderate increase of 1.2 percent to a rate of 785,000 in July.
“New single-family home sales surged in July, as housing demand was supported by low interest rates, a renewed consumer focus on the importance of housing, and rising demand in lower-density markets like suburbs and exurbs,” said Robert Dietz, chief economist for the National Association of Home Builders.
The median sales price rose to $330,600 and the average sales price was $391,300 in July. Inventory at the end of the month was 299,000 units representing a supply of 4.0 months at the current sales rate.
Sales were strongest in the Midwest with sales rocketing 58.8 percent month-over-month, followed by the South up 13 percent and the West up 7.8 percent. Sales fell by 23.1 percent in the Northeast. All regions increased substantially from a year ago.
“The gains for new home sales are consistent with the NAHB/Wells Fargo HMI, which equaled a data series high in August, demonstrating that housing is the leading sector for the economy,” added Dietz. “Consider that despite double-digit unemployment, new home sales are estimated to be 8.0 percent higher for the first seven months of 2020 compared to the first seven months of 2019.”
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/04/sandy-williams.jpeg)
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/coils2.png)
US steel imports slipped in August after rising in July
July represents the second-lowest monthly rate for steel imports so far this year.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/steel_trade.png)
CRU Insight: Decarbonization will reshape global steel trade flow
This CRU Insight explores how decarbonization will play a significant role in redefining steel trade patterns by shifting regional competitiveness and increasing steel demand needs.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/price_question.png)
Steel Summit 2024: Leading analysts forecast coming year for steel
Leading industry analysts on Monday discussed steel prices and how they will be impacted by trade policy, consolidation, mill discipline, November’s elections, and more.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/AISI.png)
AISI: Raw steel output jumps, capability surpasses 80%
Having risen for three weeks in a row, weekly production is now at the highest rate seen since February 2023.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/worldsteel_logo.png)
Monthly steel output falls in China, rises in RoW
Global steel output fell 5% in July according to World Steel Association’s (worldsteel) latest release. Total steel mill production around the world tallied up to 152.8 million metric tons (mt) for the month of July, the second-lowest monthly rate seen this year.