Healthy number for new-home sales
The Census Bureau’s delayed report on new housing sales was released yesterday, and it was worth the wait.
Sales of new single-family houses in October were at a seasonally adjusted annual rate of 444,000. That was better than analyst forecasts of 425,000 and up 25.4% from the September rate of 354,000.
Compared with October 2012, yesterday’s data shows new home sales up 21.6%.
The estimates were released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development.
The median sales price of new houses sold in October 2013 was $245,800; the average sales price was $321,700. The seasonally adjusted estimate of new houses for sale at the end of October was 183,000. This represents a supply of 4.9 months at the current sales rate.
The reports for September and October were delayed by the recent partial government shutdown. Housing starts for September and October continue to be delayed, and are expected to be released later this month.
October’s gain more than made up for September’s 6.6% decline.
Also in October, all four regions of the country showed new-home-sales strength. New-home sales in the Midwest increased 34.0%, the South increased 28.2%, the Northeast rose 19.2%, and the West rose 15.2%.
Edible Garden signs distribution deal with Heartland Growers
Edible Garden, a hydroponic herb and produce subsidiary of Terra Tech Corp, has signed a distribution deal with Indianapolis-based Heartland Growers.
The move seeks to expand Edible Gardens’ presence in the Midwest, with Heartland cultivating, packaging and shipping its full line of produce in the region.
"With more than 30y acres of greenhouse space, Heartland operates a significant footprint for us to launch our product throughout the Midwest," said Derek Peterson, CEO of Terra Tech Corp. "They are one of the largest flower cultivators in the U.S., and their ability to farm as well as manage the logistics associated with servicing retail is unsurpassed in our opinion. This is an important market for us to penetrate, and Heartland gives us the capacity to scale quickly without raising additional capital to construct a new facility."
According to the company, Heartland was chosen for its eco-conscious practices, which include water and methane gas recycling, avoiding harmful pesticides, using energy-efficient equipment and more.
"Consumers are beginning to demand locally grown produce out of the concern for the environment as well as the safety of the food they feed their families. Shopping locally also gives consumers a way to prioritize and support businesses in their local community," said Austin Kirtley, VP sales and marketing. "We are excited about our partnership with Edible Garden and believe strongly in their model of creating a national brand of sustainably farmed produce cultivated by a network of local farmers."
Terra Tech will remain in charge of marketing and sales functions.