Key Takeaways
- Home renovation spending is expected to decrease from $486 billion to $457 billion in 2024.
- The main driving factors of this decrease include high and rising interest rates, lowering house price appreciation and a decrease in home sales.
- Smaller projects and projects with high ROI should be prioritized during this time.
The Joint Center for Housing Studies of Harvard University recently published its latest quarterly Leading Indicator of Remodeling Activity (LIRA) report, which predicted a 5.9% decrease in home renovation spending through the second quarter of 2024.
This report, which offers a “short-term outlook of national home improvement