US EditionHomeowners spend on renovations and repairs despite the uncertain economy and higher prices
- U.S. Homeowners increased spending on home repairs and renovations by 0.5% in the first quarter of 2025 despite rising costs and economic uncertainty.
- This spending boost follows a slump in home sales caused by elevated mortgage rates near 7% and high home prices, which deter many from selling or buying new homes.
- Homeowners prefer improving existing properties, many of which are older with a median age of 41 years, while large remodel projects are less frequent and interest rates discourage new borrowing.
- According to Verisk’s Remodel Index, home repair and remodeling costs climbed nearly 4% year-over-year, yet industry experts report no panic buying or tariff-driven price hikes recently.
- Experts forecast renovation spending to rise to $526 billion by early 2026 but warn that worsening economic factors like recession or inflation could slow this growth.
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Associated Press News+22 Reposted by 22 other sources
Homeowners spend on renovations and repairs despite the uncertain economy and higher prices
U.S. homeowners are boosting spending on home renovation projects, bucking a broader pullback by consumers amid diminished confidence in the economy.
·United States
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Homeowners spend on renovations and repairs despite the uncertain economy and higher prices – Usa news
By ALEX VEIGA, AP Business Writer LOS ANGELES — U.S. homeowners are spending more on home renovation projects, bucking a broader pullback by consumers amid diminished confidence in the economy. Sales at building materials and garden supply retailers rose 0.8% last month from March, the biggest gain since 2022, and were up 3.2% from April last year. At the same time, U.S. retail sales overall rose 0.1%, a sharp slowdown from March. The trend come…
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Total News Sources26
Leaning Left5Leaning Right2Center13Last UpdatedBias Distribution65% Center
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- 65% of the sources are Center
65% Center
L 25%
C 65%
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