Steel Markets
Existing Home Sales Break Five-Month Streak
Written by Sandy Williams
December 22, 2020
Existing home sales fell for the first time in five months, dipping 2.5 percent to a seasonally adjusted annual rate of 6.69 million. Sales fell or held steady in all regions although remained significantly higher on a year-over-year basis.
“Home sales in November took a marginal step back, but sales for all of 2020 are already on pace to surpass last year’s levels,” said Lawrence Yun, chief economist, National Association of Realtors. “Given the COVID-19 pandemic, it’s amazing that the housing sector is outperforming expectations.”
The median existing home price for all types of housing in November was $310,800, up 14.6 percent from a year ago. Inventory totaled 1.28 million units, a 9.9 percent decline from October and a 22 percent plunge from November 2019. Inventory was at an all-time low of 2.3 months at the current sales pace.
Single-family home sales dropped 2.4 percent to an annual rate of 5.98 million from the previous month, but gained 26.8 percent from November 2019. The median price for an existing single-family home rose 15.1 percent from a year ago to $315,500.
Condo and co-op sales fell 2.7 percent to a SAAR of 710,000 units compared to October, but jumped 26.8 percent from last year. The median price rose 9.5 percent compared to November 2019 to $271,400.
Regionally, month-over-month sales fell 2.2 percent in the Northeast, 2.5 percent in the Midwest, 3.8 percent in the South, and were unchanged in the West.
“Circumstances are far from being back to the pre-pandemic normal,” said Yun. “However, the latest stimulus package and with the vaccine distribution underway, and a very strong demand for homeownership still prevalent, robust growth is forthcoming for 2021.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
US importers face stricter rules under revamped S232 tariffs
“CBP expects full compliance from the trade community for accurate reporting and payment of the additional duties. CBP will take enforcement action on non-compliance," the agency said in a March 7 bulletin.
Steel exports rebound in January
US steel exports recovered to a five-month high in January after having fallen to a two-year low in December. This growth follows four consecutive months of declining exports.
Construction spending drops marginally in January
Construction spending edged down slightly in January, slipping for the first time in four months. The US Census Bureau estimated spending at a seasonally adjusted annual rate of $2,196 billion in January, down 0.2% from December’s downward revised rate. The January figure is 3.3% higher than a year ago. January’s result, despite the slight erosion, […]
HVAC equipment shipments slow in December but strong annually
Shipments of heating and cooling equipment in the US fell to an 11-month low in December, according to the latest data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).
Apparent steel supply rebounds in December, but 2024 total at 4-year low
Apparent US steel supply rebounded in December, but 2024 was still the lowest level for supply since 2020.