September

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.

Continue Reading

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

Continue Reading

LGI Homes Reports Record-Breaking September and Third Quarter 2020 Home Closings and Announces Plans to Host Third Quarter 2020 Earnings Call

THE WOODLANDS, Texas, Oct. 05, 2020 (GLOBE NEWSWIRE) — LGI Homes, Inc. (NASDAQ: LGIH) today announced 811 home closings in September 2020, up from 654 home closings in September 2019, representing year-over-year growth of 24.0%. In addition, the Company announced record-breaking quarterly home closings of 2,091 during the third quarter of 2020 compared to 2,003 home closings in the third quarter of 2019, a 4.4% increase year-over-year. The Company finished the first nine months of 2020 with a total of 5,931 home closings, a 14.6% increase over 5,175 home closings during the first nine months of 2019.

As of the end of September 2020, the Company had 110 active selling communities.

The Company expects to release financial results for the third quarter ended September 30, 2020 before the market opens on Tuesday, November 3, 2020. The Company expects to hold a conference call for investors and other interested parties on Tuesday, November 3, 2020 at 12:30 p.m. Eastern Time to discuss the results and will provide additional guidance at that time.

A link to the live audio webcast will be provided through the Investors section of the Company’s website at www.LGIHomes.com under Events and Presentations. The call can also be accessed by dialing (855) 433-0929 for domestic participants or (970) 315-0256 for international participants. Participants should ask for the LGI Homes 2020 Third Quarter Earnings Conference Call or reference Conference ID 7865812. Those dialing in should do so at least ten minutes prior to the start of the call.

An archive of the webcast will be available for replay on the Company’s website for 12 months.

About LGI Homes, Inc.

Headquartered in The Woodlands, Texas, LGI Homes, Inc. engages in the design, construction and sale of homes in Texas, Arizona, Florida,

Continue Reading

Why Meritage Homes Shares Popped 15% in September

What happened

Shares of homebuilder Meritage Homes (NYSE:MTH) popped 15% in the month of September, according to data provided by S&P Global Market Intelligence. The U.S. housing market has shirked COVID-19 pandemic woes and is on a surge, with home sales in August soaring 4.8% to highs not seen since 2006 and home prices continuing to hit new levels.

Meritage Homes is making the most of the housing boom, as reflected in its latest September announcement.

So what

On Sep. 21, Meritage announced a whopping 73% year-over-year jump in total home orders for July and August combined. Meritage clocked an average absorption of six homes per month per community for the two months, nearly twice the level in the comparable period in 2019. Absorption rate is simply the rate at which homes are sold in a specific community during a specific time period.

CEO Steven J. Hilton called it “unprecedented demand”, further elaborating how the company sold more homes in July and August this year than it did “for the entire third quarter of 2019, with strong demand continuing in September.”

A home with a sold board.

Image source: Getty Images.

Earlier, Meritage coined May and June as two of its “highest selling months ever”, with home orders hitting a record high of 3,600 during the second quarter. The homebuilder’s second quarter net earnings surged 78% year over year. Historically low mortgage interest rates, tight supply of used homes on sale, and consumer preferences for homes that can accommodate more members in today’s work-from-home scenario are some of the factors driving home sales in the U.S.

Meritage has also been acquiring land at an aggressive pace to keep up with demand, purchasing nearly 6,000 new lots in just the second quarter. In September, the company revealed its plans to purchase a record number of lots —

Continue Reading

Homes sold two weeks faster in September due to unusual surge in demand

  • It took just 54 days to sell a home in September. That is the shortest time since realtor.com began tracking this metric in 2016. Back then it took 78 days.
  • The median price of a home sold in September was $350,000, up just over 11% annually.



a person standing in front of a building: People walk into a house for sale in Floral Park, Nassau County, New York, the United States, on Sept. 6, 2020. Home buyers eying for cozy backyards and more office space are staging bidding wars in the suburbs surrounding New York City amid the spread of the COVID-19 pandemic.


© Provided by CNBC
People walk into a house for sale in Floral Park, Nassau County, New York, the United States, on Sept. 6, 2020. Home buyers eying for cozy backyards and more office space are staging bidding wars in the suburbs surrounding New York City amid the spread of the COVID-19 pandemic.

Homebuyers hoping that a seasonal slowdown in the housing market would dampen rising prices can forget about it.

Loading...

Load Error

More buyers piled into the fray in September, spurred by record-low mortgage rates and a pandemic-induced stay-at-home culture, pushing sales to an even faster pace.

In the first read on September demand, homes sold 12 days faster than they did a year ago, according to realtor.com. Homes usually sell 25% faster in September than at the start of the year, but this year they sold 39% faster.

It took just 54 days to sell a home during the month. That is the shortest time since realtor.com began tracking this metric in 2016. Back then it took 78 days.

Regionally, properties in the Northeast spent 13 fewer days on the market than last year, while those in the South sold 11 days faster. In the Midwest it took nine fewer days to sell a home and seven fewer in the West. In the 50 largest metropolitan housing markets, the typical home sold in 44 days, 10 days faster than last year.

“Many buyers tend to put their home search on hold after the start of the school year, but remote learning and

Continue Reading