Home professions, including architects, interior designers and contractors, are only mildly optimistic about business as they head into Q3 2023.

Builders are feeling cautiously optimistic about market conditions given low levels of existing home inventory and ongoing gradual improvements for supply chains.

More than 60% of homeowners say they plan to stay in their homes for 11 years or more following a 2022 renovation. Additionally, the share of homeowners undertaking renovations with a plan to sell their home soon has declined by half since 2018.

The National Association of Home Builders (NAHB) redesigned its Multifamily Market Survey (MMS) in the first quarter of 2023 to make it easier to interpret and more similar to the NAHB/Wells Fargo Housing Market Index for single-family housing.

Retail sales bounced back in April, showing both month-over-month and year-over-year growth while facing the challenges of bringing inflation under control, the National Retail Federation said today.

A lack of existing inventory and stabilizing mortgage rates helped push single-family production up to the highest rate thus far in 2023 even as builders continue to deal with high construction costs, persistent labor shortages and tightening credit conditions for construction loans.  

The Home Depot President and CEO Ted Decker reported that sales for the quarter were below expectations primarily driven by lumber deflation and unfavorable weather.

Limited existing inventory, which has put a renewed emphasis on new construction, resulted in a solid gain for builder confidence in May even as the industry continues to face several challenges, including building material supply chain disruptions and tightening credit conditions for construction loans.

Demand for wood flooring continues to gain steam thanks to consumers’ continued focus towards sustainable products to promote a healthier environment.

U.S. households saw homeowners and families embark on a wide variety of renovations and remodeling projects over the past year, according to a joint study from the National Association of Realtors and the National Association of the Remodeling Industry.