Steel Markets
Existing-Home Sales Fall for Fourth Month as Prices Jump
Written by Sandy Williams
June 22, 2021
Existing-home sales fell for the fourth month in a row in May, reports the National Association of Realtors. Sales rose 16% from April in the Midwest but declined in the South, East and West. On a year-over-year basis, sales rose by double-digits in all regions.
Sales fell 0.9% from April to a seasonally adjusted annual rate of 5.8 million in May, but were up 44.6% from a year ago.
“Home sales fell moderately in May and are now approaching pre-pandemic activity,” said NAR Chief Economist Lawrence Yun. “Lack of inventory continues to be the overwhelming factor holding back home sales, but falling affordability is simply squeezing some first-time buyers out of the market.”
“The market’s outlook, however, is encouraging,” Yun continued. “Supply is expected to improve, which will give buyers more options and help tamp down record-high asking prices for existing homes.”
The median existing-home price rose 23.6% from May 2020 to a record high of $350,300. All regions posted double-digit increases in pricing.
Inventory jumped 7.0% from April to 1.23 million units at the end of May. Inventory is at a 2.5-month supply at the current sales pace. Properties averaged 17 days on the market in May, unchanged from April and down from 26 days a year ago. NAR reports 89% of homes sold in May were on the market for less than a month.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
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.
Trump officially orders sweeping 25% tariff on steel, aluminum
The new version of Section 232 goes into effect on 12:01 am ET on March 12, according to the executive order. The latest iteration of Section 232 removed quotas, exemptions, and other carve outs that had accumulated over years.
Tampa Steel Conference: Two weeks to go!
With just two weeks to go, we have over 400 registered so far for the 36th annual Tampa Steel Conference. Join us and hundreds of industry executives at the JW Marriott Tampa Water Street from Sunday, February 2, through Tuesday, February 4.
Galvanized buyers see glimmers of optimism amidst the chaos
Reflecting on 2024 and looking ahead to the new year, galvanized steel buyers on this month’s HARDI call expressed a mix of cautious optimism with lingering uncertainties.