Sales

Sales of Luxury Homes Soar as Low Rates, Stay-at-Home Shoppers Fuel Market

Sales of high-end homes climbed 41.5% year over year in the third quarter, according to online real estate broker Redfin (NASDAQ:RDFN), the largest year-over-year jump since at least 2013.

In a news release Monday, Redfin said that sales of luxury homes, defined as the top 5% of market values, as well as sales of second- and third-tier houses climbed year over year, while sales in the bottom two buckets fell by 4% each. The median sale price of a top-tier luxury home in the U.S. in the quarter was $862,700, up 6.5% year over year, while the median price of a house in the bottom tier was $90,000.

A for sale sign in front of a house.

Image source: Getty Images.

In a typical downturn, it is the luxury market that takes the biggest hit, but as Redfin chief economist Daryl Fairweather noted, “This isn’t a normal recession.” Changes in behavior driven by the coronavirus pandemic are pushing more high-end buyers into the market, while keeping first-time buyers away.

“Remote work, record-low mortgage rates, and strong stock prices during the pandemic are allowing America’s wealthy families to gobble up expensive houses with home offices and big backyards in the suburbs,” Fairweather said. “Meanwhile, scores of lower- and middle-class Americans have lost their jobs or are still renting in the city because they’re essential workers and have to commute into work, so they’re unable to reap the benefits of homeownership.”

The number of homes for sale in the luxury bracket climbed 8.4% year over year, while the inventory of homes available for sale in the bottom three tiers fell by 7.9%, 7.6%, and 4.8 %, respectively.

Houses across the spectrum are selling faster than ever, with the median days on the market falling for every price tier.

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September sees “big improvement” in retail sales growth | Business

The BRC has released figures covering the five weeks from 30th August-3rd October 2020, showing a sales increase of 5.6% on a total basis.

In September, UK retail sales increased 6.1% on a like-for-like basis from September 2019, when they had decreased 1.3% from the preceding year.

Over the three months to September, in-store sales of non-food items declined 12.3% on a total and 9.5% on a like-for-like basis. This is better than the six-month and 12-month total average declines of 29.6% and 18.8% respectively. Over the three-months to September, non-food retail sales increased by 5.2% on a like-for-like basis and 3.2% on a total basis.

Online non-food sales increased by 36.7% in September, against a growth of 3.5% in September 2019. This is below the three-month average of 39.7% but above the 12-month average of 26.3%.

“September saw a big improvement in retail sales growth, however sales over the last six months are still down on the previous year,” said Helen Dickinson OBE, chief executive, British Retail Consortium. “Tighter coronavirus restrictions have continued to hold back clothing and footwear, particularly as the Government further restricts social events. With office workers still at home for foreseeable future, the sales of electronics, household goods and home office products have remained high.

“September sales have also given retailers early signs that consumers are starting their Christmas shopping earlier this year, which retailers are encouraging their customers to do in order to manage demand at Christmas and keep people safe. However, store-based sales, excluding food are still in double-digit decline.

“The industry is beginning to recover, however, forced store or warehouse closures during any future lockdowns could put paid to this progress. Retailers have invested hundreds of millions in making their premises COVID-secure, with perspex screens, social distancing, additional staff and hygiene measures.

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Home improvement and stockpiling boost September UK retail sales

Consumers increased spending on improving their homes and stockpiling goods in September in preparation for a tightening of restrictions, providing a boost for retailers.

Sales in the UK rose 5.6 per cent last month compared with the same period a year ago, according to data from the British Retail Consortium and the consultancy KPMG. That was above the six-month average decline of 1.1 per cent and the best annual growth rate of any month since December 2009, it found.

“September saw a big improvement in retail sales growth,” said Helen Dickinson, chief executive at the BRC, whose survey covers about 60 per cent of the industry.

“With office workers still at home for the foreseeable future, the sales of electronics, household goods and home office products have remained high,” she added. In contrast, more time spent at home and the cancellation of public events “have continued to hold back clothing and footwear”.

Line chart of Annual % change showing UK retail sales shift online

Food retail sales also rose in September as shoppers began stockpiling in reaction to possible further restrictions, said Susan Barratt, chief executive at the grocery consultancy IGD, commenting on the BRC data.

The growth in overall retail sales does not mean that high-street retailers are out of the woods, as the shift toward online sales prompted by the lockdown continued.

Online non-food sales last month rose 37 per cent compared with the same period a year ago. In contrast, in-store sales of non-food items were still very depressed.

Retail sales were the first of the main economic indicators to rise above last year’s level back in July as consumers spent money on food and drink rather than visiting restaurants and pubs.

The BRC findings chime with a 2 per cent annual growth in consumer spending in September, according to Barclaycard data also published on Tuesday.

The payments company’s

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Area homes sales up despite shortage | Northwest Indiana Business Headlines



Home Sales



Home sales in the Region remained strong in August despite the continued shortage of homes on the market and the rising prices, according to information from the Greater Northwest Indiana Association of Realtors.

GNIAR collects sales data from members in a seven-county area, including Lake, Porter, LaPorte, Jasper, Newton, Starke and Pulaski. In August, the members reported selling 1,246 homes, almost 100 more than August of 2019, or an increase of 8.3%. August was also up from July’s total of 1,227. For the year, sales are about 1% up from 2019 at 7,113 units sold.

The median price of a home rose almost 12% from a year ago to $211,500 and it jumped almost 5% from July’s median price of $202,000. So far this year, the median price of a home has risen 8% to $189,000.

GNIAR CEO Pete Novak said a total of about 1,800 homes were on sale during the month. That’s almost half as many as were on the market in August 2019. The shortage of homes on the market began to occur in 2014, but the number has decreased more rapidly the past three years.

Novak compared it to 2006, when buyers had 6,000 homes to select from. Despite the dramatic difference in the number of homes on the market, the number of sales was about the same in both years.

“We had strong August numbers,” Novak said. “We still have a very limited number of homes available and high prices, so to have an increase in sales is surprising. Buyers don’t have much to choose from, but they are still buying.

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Columbus Day Sales 2020: 13 Tech, Furniture, and Kitchenware Deals To Shop This Weekend

Columbus Day sales, unlike Labor Day sales or even Fourth of July sales, aren’t really a thing. If you consider it for a second—and remind yourself that Christopher Columbus was a monster who didn’t discover anything—you realize Columbus Day shouldn’t really even be a holiday. This year’s “holiday,” which we will now only refer to as Indigenous Peoples Day, is even stranger, thanks to its proximity to a delayed Amazon Prime Day. The mega-retailer will flex its muscle with an onslaught of discounts literally the day after the occasion. Based on our initial scans, it seems like most of the other tech and home goods retailers are holding their sale cards close to the chest, waiting to unleash their best deals until Prime Day begins in earnest. But for now, there’s still some decent price drops available on a range of gear, especially home tech and furniture upgrades. Here’s some of the best sales we could find, all available to shop this weekend. 

Looking for Columbus Day sales on menswear? Here you go! How about mattresses? Yes, we’ve got you covered.

Tech

Apple: Apple isn’t running its own fall sale, but if you’re a student or educator you can get free AirPods with the purchase of a new Mac or iPad through the company’s Back to School offer.

Best Buy: Best Buy’s sale section is stocked with decent TVs, laptops, and appliances.

Walmart: The big box retailer doesn’t have a headline grabbing sale going on right now, but it’s still a good place to check if you’re in the market for a new laptop or robot vacuum. 

Kitchen and Cookware

Sur La Table: Sur La Table’s sale section is stocked with cookware and kitchen tools, including a bunch of gear from the Le Creuset.

Williams Sonoma: Take an extra

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