Correction

In our listing of Design Excellence winners, we neglected to include, or mis-labeled, the following information:   

Flight woven adjustable chaise.

Rattan/Wicker/Woven Materials

Brown Jordan - Flight Woven Adjustable Chaise by John Caldwell

Tubular Materials

Brown Jordan - Kantan Lounge Chair

Lillian B. Winchester Best of Show

Brown Jordan's "Flight" by John Caldwell

In our listing of Manufacturer Leadership awards, we incorrectly stated that Elaine Smith won for Contemporary Casual, when in fact it was for Complementary Casual Products.

We regret all of those errors.

Pace of New-Home Sales
Holds Steady in August

WASHINGTON, D.C.        

Following a substantial gain in July, the pace of new-home sales held virtually unchanged at a seasonally adjusted annual rate of 373,000 units in August, according to newly released figures from HUD and the U.S. Census Bureau.

"New-home sales in August effectively tied the pace they set in the previous month, when they were the strongest we've seen in more than two years - so this is really a continuation of the good news we've been getting on the housing front," said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla.

"Looking at the big picture, sales have been trending gradually upward since the middle of last year as favorable interest rates and prices have driven more consumers to get back in the market for a newly-built home."

"This latest report indicates that new-home sales continue to run at a steady pace that's well ahead of what we were seeing this time last year, and at this rate, the third quarter of 2012 is going to be well ahead of the second quarter," said NAHB Chief Economist David Crowe.

"That said, the razor-thin inventory of new homes for sale is very concerning because it indicates that builders aren't able to access the credit they need to build new homes as demand for them improves."

Crowe also observed that the share of new homes sold in the higher price ranges ($400,000 and above) rose significantly in August. "This reflects the fact that people who are able to buy homes right now are those in higher-income ranges who have cash and equity on hand, while first-time buyers are having a tougher time getting qualified for a mortgage," he said.

Regionally, new-home sales gained in all but one area of the country this August, with the Northeast, Midwest and West posting increases of 20 percent, 1.8 percent and 0.9 percent, respectively. The South was the only region to post a decline, of 4.9 percent.

Meanwhile, the inventory of new homes for sale held at an historic low of just 141,000 units in August, which is a 4.5-month supply at the current sales pace.

Zuo Modern Adds Second

High Point Showroom   

CHICAGO, ILLINOIS

Contemporary furnishings source Zuo Modern is adding a second showroom for the Oct. 13-18 High Point Market to accommodate the launch of a new collection of rustic-transitional styled case goods, occasional and upholstered furniture with a fresh, hip vibe.

Zuo Modern's current line of modern and contemporary furnishings will be shown in the company's new 1,200 sq. ft. showroom located in the IHFC's Design wing, Space 508. The new Zuo Era transitional line, as well as the Zuo Outdoor line of casual furniture, will be shown in the existing showroom across the hall in Space 501 of the IHFC's Design wing. The company now has a total of 7,479 sq. ft. of showroom space in High Point.

Zuo is updating the design of both showrooms, installing new lighting, paint and other decorative treatments for a fresh, updated look, said Will Ambroson, Visual Merchandising manager.

"Zuo Era adds a whole new dimension to our line," said Ambroson. "It's a very original, on-trend, upscale design, featuring distinctive rustic ash on the case goods and stylish linen fabrics on the upholstery. The upholstery is overstuffed for a very comfy feel. We're expecting a very positive response to this addition, both with our current dealers as well as new customers. This should be a huge market for us."

The group, which features more than 300 SKUs, will extend across all of Zuo's key product categories, including bar, bedroom, dining room, entertainment, seating, youth, occasional, office and outdoor furniture, along with lighting and accessories. The group includes one complete bedroom and three dining sets. Zuo also is considering offering custom options on the line.

Zuo sources all of its products from China, offering direct-container service with mixing capabilities. In addition, it operates a 120,000 sq. ft. warehouse-office facility in San Leandro, California, serving the West Coast, as well as a 100,000 sq. ft. warehouse-office facility with showroom in Miami, serving the East.