Slowing sales of existing homes, rising mortgage interest rates, and moderating house price appreciation are expected to dampen owners’ investments in home improvements and maintenance over the coming year.
Builder confidence plunged in July as high inflation and increased interest rates stalled the housing market by dramatically slowing sales and buyer traffic.
With projects spanning 40 states and Washington, D.C., Lowe's said it will help restore and revitalize spaces that serve as the hubs and heartbeats of communities.
Sales of newly built, single-family homes in May increased 10.7%, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Existing-home sales retreated for the fourth consecutive month in May. Month-over-month sales declined in three out of four major U.S. regions, while year-over-year sales slipped in all four regions, according to the National Association of Realtors.
In April, more than 10,000 NAHB members from all 50 states, the District of Columbia and Puerto Rico sent a letter to President Biden calling on the White House to take action to address the growing housing affordability crisis.