Posted in home

New home sales surge to highest level since before the Great Recession

The numbers: Sales of new single-family homes in August exceeded an annual rate of 1 million for the first time since 2006, as buyers were forced into the market for newly-constructed properties thanks to the dearth of home listings.

New home sales occurred at a seasonally-adjusted, annual rate of 1.011 million, the Census Bureau reported Thursday. That represents a 4.8% increase from an upwardly-revised pace of 965,000 homes in July. Compared with last year, new home sales are up 43%.

Economists polled by MarketWatch had expected home sales to drop to median pace of 900,000.

What happened: Not all parts of the country saw an uptick in sales despite the historically high rate nationally. New home sales fell 21.4% in the Midwest and 1.7% in the West. Comparatively, the South saw the biggest increase in sales with a 13.4% jump, while sales volumes rose by 5% in the Northeast.

The

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Posted in home improvement loans

US new home sales surge to fastest pace since 2006 as housing market shines through pandemic



a car parked in front of a sign: Associated Press


© Associated Press
Associated Press

  • Sales of new US homes accelerated by 4.8% to an annual rate of 1 million units in August, the Census Bureau reported Thursday.
  • That pace is the highest since 2006 and marks four consecutive months of increasing sales.
  • The agency’s estimate of new homes for sale fell to 282,000, reflecting 3.3 months of supply at the current pace of sales. That’s the shortest period in data going back to 1963.
  • Though the housing market has been one of the few bright spots in the virus-rattled economy, some fear dwindling supply will soon halt the sector’s rally.
  • Visit the Business Insider homepage for more stories.

The US housing market extended its winning streak into August as Americans continued taking advantage of record-low mortgage rates.

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Sales of new homes leaped 4.8% to a seasonally adjusted annual rate of 1.01 million units, the Census Bureau announced

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Posted in home

New home sales surge to highest level since before the Great Recession, as buyers are pushed into the construction market

The numbers: Sales of new single-family homes in August exceeded an annual rate of 1 million for the first time since 2006, as buyers were forced into the market for newly-constructed properties thanks to the dearth of home listings.

New home sales occurred at a seasonally-adjusted, annual rate of 1.011 million, the Census Bureau reported Thursday. That represents a 4.8% increase from an upwardly-revised pace of 965,000 homes in July. Compared with last year, new home sales are up 43%.

Economists polled by MarketWatch had expected home sales to drop to median pace of 900,000.

What happened: Not all parts of the country saw an uptick in sales despite the historically high rate nationally. New home sales fell 21.4% in the Midwest and 1.7%. Comparatively, the South saw the biggest increase in sales with a 13.4%, which sales volumes rose by 5% in the Northeast.

The median sales price in

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Posted in home

HBCU’s See Tenfold Surge in Donations: Equality Summit Update

(Bloomberg) — Following nationwide Black Lives Matter protests this summer, Historically Black Colleges and Universities have received almost a half-billion dollars in gifts, Michael Lomax, CEO of the United Negro College Fund said. Kewsong Lee, co-chief executive officer of Carlyle Group, said that his company has not had an issue finding diverse talent, while Jon Winkelried, co-CEO at TPG Holdings LP, lamented the lack of interest from investors in diversity.

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HBCU’s Are Seeing 10X Donations This Year (3:19 p.m. NY)

Since June, Historically Black College and Universities have received almost a half-billion dollars in gifts, said Michael Lomax, CEO of the United Negro College Fund. In a typical full year, donations would be about a tenth of that, he said. The combined endowments of 101 HBCUs is

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Posted in home

Shares of furniture retailer Herman Miller soar 35% as home office sales surge

Herman Miller Aeron chair

Source: Herman Miller

Shares of office furniture retailer Herman Miller are surging after a blowout earnings report that showed the company is benefiting from the work-from-home trend. 

Herman Miller jumped more than 35% in midday trading on Thursday, while the broader market was under pressure. 

As the coronavirus pandemic forces millions of American to work from their homes, the company said customers are upgrading their homes with work and office furniture. The home office category increased nearly 300% since last year, the company said in its earnings release. 

“They reported a completely blowout quarter last night. Why? Because people are rebuilding their homes,” CNBC’s Jim Cramer said on “Squawk on the Street” on Thursday.

Herman Miller reported fiscal first quarter earnings per share of $1.24, blowing past the earnings of 26 cents per share expected by Wall Street, according to Refinitiv. The company made $626.8 million

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Posted in home improvement storest

Lowe’s underwent an online makeover just in time for the surge in home improvement spending by customers, CEO says



a car parked in front of a building: Lowe's CEO Marvin Ellison has long championed revamping the company's e-commerce capabilities. Bruce Bennett/Getty Images


© Bruce Bennett/Getty Images
Lowe’s CEO Marvin Ellison has long championed revamping the company’s e-commerce capabilities. Bruce Bennett/Getty Images

  • According to Lowe’s CEO Marvin Ellison, the company has invested extensively in e-commerce since he took the helm in 2018.
  • That e-commerce overhaul — which saw the company prioritize its new store app and a shift to the cloud — couldn’t have happened at a better time.
  • The coronavirus pandemic has seen consumers rely heavily on online shopping, as many look to complete projects around their homes.
  • Ellison and Lowe’s CFO David Denton spoke Wednesday at the annual Goldman Sachs Global Retailing Virtual Conference.
  • Visit Business Insider’s homepage for more stories.

Lowe’s’ long-awaited e-commerce revamp came at just the right time for the company to reap the rewards of the surge in home improvement spending during the coronavirus pandemic, according to CEO Marvin Ellison.

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Posted in home repair

Ocado sales surge as shoppers stay home [Video]

Another busy quarter for the robots at Ocado warehouses…

The UK online supermarket says revenue at its retail arm jumped 52% as shoppers stuck at home opted to get their food delivered.

That took third-quarter revenue to about 756 million dollars.

The growth follows an over-40% surge in the previous quarter.

Online food shopping has more than doubled its share of the UK market since the global health crisis began.

14% of all groceries are now delivered, and Ocado reckons that could hit 30% over the next few years.

The coming quarter will mark a key test for the firm though.

From the first of September it has dropped long-time partner Waitrose.

Instead it will offer products from rival chain Marks & Spencer.

Ocado says customers have responded positively to the switch, with demand for the new range driving an increase in the number of products in customer baskets.

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Posted in home remodeling

Home Depot Sales Surge 23% in the Second Quarter

While COVID-19 has put many companies, big and small, out of business, some have seen explosive growth tied to the pandemic. Home Depot (NYSE:HD) sales soared 23% in the second quarter as customers under lockdown focused on home improvement projects, and investments the company made in 2019 have started to pay off.

Loads of sales

Home Depot took in more than $38 billion in revenue during the quarter. U.S. comps increased 25%, and earnings per share shot up to $4.02 from $3.17 last year. The company also spent $480 million on extra employee benefits.

Home Depot paint associate.

Image source: Home Depot.

The home improvement giant’s earnings had been hampered previously as it invested in its One Home Depot strategy, which aimed to revamp its digital model and create a more agile business. It was a good time to accomplish that, as the company was able to reap the benefits of a solid system

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