Posted 2/20/2024, 12:27:00 PM
Home Depot Sales Drop as Housing Market Cools
- Home Depot sales dropped 3.5% last quarter and projects a 1% decline in sales in 2024
- Demand for home improvement has fallen due to high mortgage rates and slowdown in new home construction
- Mortgage rates hit a 23-year high of 7.79% in October 2022
- Sluggish housing market is sucking demand out of the market as home movers are traditionally big spenders
- Consumers have shifted spending from physical goods to experiences like travel and concerts, hurting Home Depot