Home improvements off to slow start
May 10, 2013, Washington, D.C. – Spending on home improvements and remodeling is moving slowly in 2013, according to revised Census data. Remodelling spendings have declined the last five months, with the March estimate down 1.4 per cent for the month and significant downward revisions for January and February. This dip comes after a healthy surge for improvement spending between the spring and fall of 2012.
Improving trends for existing home sales are traditionally a useful indicator of the direction of the market, so the slow start at the beginning of 2013 is surprising. For example, the National Association of Realtors Pending Home Sales Index for March was up 1.5 per cent and is 7 per cent higher year over year.
One possible explanation for remodeling’s slow start is the general challenges faced by builders and remodelers from rising building material costs and the availability of workers.
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