The findings were reported in the Q4 2023 Houzz U.S. Renovation Barometer, which racks residential renovation market expectations, project backlogs and recent activity among businesses in the U.S. construction sector and the architectural and design services sector.
Uncertainty is the theme for the fourth quarter for flooring businesses. An in-kind donation can help flooring businesses clear inventory, do good for their community and achieve a significant tax break.
Despite mortgage rates that are at a 23-year high, new home sales posted a double-digit percentage gain in September because of a lack of inventory in the resale market.
Vendors presented myriad products and initiatives for driving business for the 40 retail members of the National Floorcovering at the group's 2023 fall meeting in Coeur d'Alene, Idaho.
Rising interest rates, increased wages and higher costs of goods are not stopping the 40 members of the National Floorcovering Alliance (NFA) who said they are taking advantage of the retail slowdown to analyze costs, fine-tune showrooms, and invest in technology.
Despite elevated mortgage rates averaging above 7%, single-family starts posted a solid gain in September as more buyers are turning to new homes because of a dearth of inventory in the resale market.