Consumer
Home Depot Sales Drop for Fifth Quarter on Weak Demand
- Retailer expects a 1% drop in comparable sales this year
- High mortgage rates are impacting demand for home improvement
Home Depot Comparable Sales Decline for Fifth Straight Quarter
This article is for subscribers only.
Home Depot Inc. reported a fifth straight comparable sales decline, underscoring a drop in demand for house improvement due to high mortgage rates and a slowdown in construction.
While mortgage rates have come down from October’s 23-year high, they continue to impact home sales and construction. In January, new-home construction sank by the most since the onset of the pandemic, indicating that any pickup in housing demand will be delayed until borrowing costs come down further.