According to Harvard’s Joint Center for Housing Studies, after more than a decade of continuous growth, annual spending on improvements and repairs to owner-occupied homes is expected to decline by early next year.
According to their latest Leading Indicator of Remodeling Activity (LIRA), the report projects that year-over-year expenditures for homeowner improvements and maintenance will post a modest decline of 2.8% through Q1 of 2024.
Higher interest rates and sharp downturns in homebuilding and existing home sales are driving expert projections for sluggish remodeling activity next year. With ongoing uncertainty in financial markets and the threat of a recession, homeowners