Iron Ore’s Big China Property Problem Just Isn’t Going Away
Iron ore’s recent mini-recovery can’t mask the fact that China’s push for a less property-intensive economy will keep demand subdued for years to come.
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Iron ore’s recent mini-recovery can’t mask the fact that China’s push for a less property-intensive economy will keep demand subdued for years to come.
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Jul 26, 2021
Bloomberg News
,Sales of new U.S. homes dropped unexpectedly in June to the lowest since April 2020, showing a further weakening in demand against a backdrop of elevated prices and tight supply.
Purchases of new single-family homes fell 6.6 per cent to a 676,000 annualized pace following a downwardly revised 724,000 in May, government data showed Monday. The median estimate in a Bloomberg survey of economists called for a 796,000 rate.
Surging construction costs for everything from labor to transportation to lumber have held back homebuilding in recent months, contributing to skyrocketing prices while the supply of homes remains limited. Some of those supply-chain pressures may ease in the coming months and lumber prices have retreated quickly from their recent peak.
Biden administration officials held a meeting with homebuilding industry representatives recently, with a goal of addressing the housing supply shortage and helping to ease pressures that spurred the surge in prices.
The Commerce Department’s report showed the median sales price of a new home rose 6.1 per cent from a year earlier, to US$361,800.
The number of homes sold in June and awaiting the start of construction -- a measure of backlogs -- eased from a month earlier to 229,000, the report showed. The total number of homes sold with construction underway slipped to 289,000 in June.
There were 353,000 new homes for sale in June, the most the end of 2008. At the same time, only 10 per cent of those houses were already completed. More than 100,000 had not been started.
At the current sales pace, it would take 6.3 months to exhaust the supply of new homes, compared with 5.5 months in the prior month.
A separate report last week showed sales of previously-owned homes rose for the first time in five months in June as housing inventory improved slightly.
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