Existing-home sales increase 4.0%
Existing-home sales rose again in November and remain above a year ago, according to the National Association of Realtors (NAR).
The November figure came in at a seasonally adjusted annual rate of 4.42 million, up 4.0% from October’s pace, and up 12.2% from November 2010.
“Sales reached the highest mark in 10 months and are 34% above the cyclical low point in mid-2010 — a genuine sustained sales recovery appears to be developing,” said Lawrence Yun, NAR chief economist. “We’ve seen healthy gains in contract activity, so it looks like more people are realizing the great opportunity that exists in today’s market for buyers with long-term plans.”
Also released were periodic benchmark revisions with downward adjustments to sales and inventory data since 2007, led by a decline in for-sale-by-owners.
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Mead lumber to acquire Truss Craft
Mead Lumber has signed an agreement to purchase the Truss Craft division of Dakota Craft Inc., a Rapid City, S.D.-based chain of component manufacturing plants. The purchase price was not disclosed.
Truss Craft serves the southeastern Wyoming building community. The acquisition will give Mead a leading market share in Wyoming, according to the announcement. The transaction is expected to be completed by Jan. 31, 2012.
“Further developing our market position in Cheyenne, Wyo., one of the country’s healthiest markets, has been a goal of ours for some time now,” said Craig Bradshaw, president of Mead Lumber. “Being able to combine the resources of Mead Lumber and Truss Craft is a rare opportunity.”
Dakota Craft will continue its operations in Rapid City, S.D., where it holds a leading market-share position. Dakota Craft offers structural components and building materials to the western North Dakota and South Dakota, southeast Montana and northwest Nebraska building community.
Mead now has 36 lumberyards, truss plants, hardware stores and mill shops in Colorado, Kansas, Montana, Nebraska, Oklahoma, South Dakota and Wyoming. With $104 million in annual revenues, the Columbus, Neb.-based firm ranked 34th on the 2011 Pro Dealer Scoreboard.
It's creative and
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LMC announces new Texas member
Red River Lumber in Texarkana, Texas, recently joined LMC’s network of independent lumberyards.
Described as a diversified building materials retailer, Red River Lumber is comprised of two traditional contractor-oriented lumberyards complemented by a 20,000-sq.-ft. showroom known as "The Design Center." The showroom features flooring, granite, doors and windows, appliances, fireplaces and custom cabinetry. The dealer is also a distributor of Overhead Door Co. garage doors.
Founded in 1992, Red River is owned and operated by Mike Craven, president.
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