Nov 30, 2016

Fall Home Sales Surge Could Mean Good Things for 2017 By Tim Hodson

Existing home sales in October reached their highest levels in nearly a decade.

According to the National Association of Realtors (NAR), “total existing-home sales” (including single-family homes, townhomes, condominiums and co-ops) grew 2 percent to a seasonally adjusted annual rate of 5.6 million in October.

That is an increase of nearly 6 percent over the same period in 2015 and the highest they have been since February 2007.

First-time buyers made up 33 percent of sales in October, which is up from 31 percent a year ago. The median existing-home price for all housing types in October was $232,200, up 6.0 percent from October 2015 ($219,100) — the increase marks the 56^th consecutive month of year-over-year gains.

“October’s strong sales gain was widespread throughout the country and can be attributed to the release of the unrealized pent-up demand that held back many would-be buyers over the summer because of tight supply,” said Lawrence Yun, NAR’s chief economist. “Buyers are having more success lately despite low inventory and prices that continue to swiftly rise above incomes.”

“The good news is that the tightening labor market is beginning to push up wages and the economy has lately shown signs of greater expansion,” Yun said. These two factors and low mortgage rates have kept buyer interest at an elevated level so far this fall.”

A healthy housing market could make for a good 2017 for growers. Hopefully, these fall home purchases will translate to spring sales in the garden center  as these new homeowners look to landscape and decorate their new homes.

Let’s keep our fingers crossed.

— Tim

Whole Foods Names Mackey Sole CEO

Whole Foods Market has named co-founder John Mackey as its sole chief executive officer. For the past six years, Mackey has served as the company’s co-CEO with Walter Robb. Robb will remain on the company’s board of directors and continue to serve as chairman for both Whole Kids Foundation and Whole Cities Foundation. He will officially transition his co-CEO responsibilities on December 31, 2016, and will continue to be a senior advisor to the company.

Wal-Mart to Test Food Safety Program

Wal-Mart will test a new database technology program to ensure its produce and other foods can be rapidly removed from shelves when there is a food safety issue. The new program is called Blockchain. It monitors food through its supply chain and allows the retailer to take action when problems arise and products need to be recalled from stores. Blockchain tracks critical data such as specific supplier details and information on how and where the food was grown all on a single receipt.

Lowe’s Buys Final RONA Shares

In November, Lowe’s said it completed the acquisition of the final preferred shares of stock of RONA Inc. Last May, Lowe’s announced its plans to acquire the Canadian retailer’s 539 stores as “a key step in accelerating [the company’s] growth strategy.” Lowe’s will maintain its headquarters for the Canadian business in Boucherville, Quebec, along with nine distribution centers that will serve its corporate stores.