Existing home sales rise in October
According to a report from the National Association of Realtors, existing home sales in the U.S. rose 2.1% in October.
Existing home sales grew to seasonally adjusted annual rate of 4.79 million units, according to a report issued Monday morning by the National Association of Realtors.
The figure is up 2.1% from September’s rate, and up 10.9% from the 4.32 million level in October 2011.
“Home sales continue to trend up and most October transactions were completed by the time the storm hit, but the growing demand with limited inventory is pressuring home prices in much of the country," said Lawrence Yun, NAR chief economist. "We expect an impact on Northeastern home sales in the coming months from a pause and delays in storm-impacted regions.”
The median existing-home price rose 11.1% from the prior year to $178,600.
USCPSC issues generator recall
Portable generators distributed by American Honda Motor Co., of Torrance, Calif., are the subject of a U.S. Consumer Product Safety Commission (CPSC) recall.
While no fires or injuries have been reported, the generator’s fuel hose can leak, posing fire and burn hazards, according to the CPSC.
The generators were sold at Honda Power Equipment dealers, Camping World, Gander Mountain, Grainger, Hertz Rental, John Deere, National Pump & Compressor, Northern Tool, Scheels Sporting, Sportsman’s Warehouse, Sunbelt Rentals, True Value, United Rentals, White Cap and Wholesale Sports store nationwide and online from October 2011 through September 2012.
The Honda gasoline-powered portable generators are black and red in color or have a camouflage design. "Honda," `’EU converter" and the model number 2000i are printed on the side of the generator, according to the CPSC. "Companion" is printed on the side of some EU2000i models.
About 150,600 of the generators were sold.
Lowe’s net income surges 76% in Q3
Mooresville, N.C.-based Lowe’s reported third-quarter net income of $396 million, up 76% from earnings of $225 million a year ago. Revenues increased 2% to $12.07 billion, ahead of consensus estimates of $11.93 billion.
“We are keenly focused on improving our core business,” commented Robert A. Niblock, Lowe’s chairman, president and CEO. “Our level of execution is improving and we delivered solid results in the third quarter."
Same-store sales increased 1.8% for both U.S. stores and all stores.
For the full year, the company said total sales are expected to be about flat, but 2011 had an extra week in the calendar. On a 52-to-52 week basis, total sales are expected to increase approximately 2%.
The company expects comparable store sales to increase approximately 1% (on a 52 versus 52 week basis).
Lowe’s has 1,750 stores in North America. The retailer said its expects to open approximately 10 stores in fiscal year 2012.