Homeowners in the U.S. are increasingly investing in home renovations despite a general decline in consumer spending across other sectors. In April, sales at building materials and garden supply retailers increased by 0.8%, reflecting a significant rise in home improvement spending. This trend continues even as home repair costs spiked nearly 4% in the first quarter, driven by labor costs. High mortgage rates and surging home prices have constrained potential buyers, thereby maintaining a steady flow of renovation spending among existing homeowners.
Sales at building materials and garden supply retailers rose 0.8% last month, showing increased spending on home renovations despite broader economic uncertainty and rising costs.
Spending on home renovations has remained resilient despite high mortgage rates and soaring home prices, limiting the competitive market for potential home buyers.
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