Home Depot has acted as a representative of the rising real estate market.
What is happening: The company followed the construction pandemic boom – and just gave us a hint that it hasn’t subsided.
A new data point illuminates the boom: US house prices soared in December at the fastest pace in six years – the latest sign of strong demand.
Details: Home Depot said on Tuesday that floors, appliances and vinyl frames boosted sales at the end of last year.
- Sales of DIY projects continued at a breakneck pace.
- Purchases of housing materials by professional builders have increased dramatically since the pandemic began.
Update quickly: Domestic demand has skyrocketed, but supply is still tight – causing prices to skyrocket.
- Builders are racing to keep up with demand for new homes.
- Loan rates plunged when the pandemic hit, attracting needy residents to look for larger or different homes.
The other side: As people spend more time in their homes, they put extra money into them as well, fueling a retirement frenzy.
What they are saying: “It took us 19 years … to get the first $ 20 billion in total sales”, but sales jumped more than that in a year alone, Home Depot CEO Craig Menear told analysts today.