Although suffering a dip from the previous quarter, home improvement loan originations have increased over 35% year-over-year to over $3.5 billion, signaling a strong demand for home remodeling and renovations. Datasets from the Joint Center for Housing Studies at Harvard University and the National Association of Homebuilders point to signs that remodeling activity is softening, but the increase in home improvement loan originations demonstrates that remodeling activity fares well, especially as many are likely to finance through home-equity lines of credit. Remodelers are mostly positive while some see activity slowing…
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Surveys offer glimpse into home remodeling, improvement sentiment
Staying up to date with consumer interest is of vital importance in the remodeling industry, and luckily the National Association of Homebuilders (NAHB) and the Joint Center for Housing Studies (JCHS) at Harvard University have released surveys that detail what statistically receives the most attention from homeowners pursuing renovations. NAHB survey results found a slight decrease in measures from the first quarter, especially in the western part of the country despite an overall positive sentiment among the remodeling market. Directors at Harvard’s Remodeling Futures Program also pitched in their views…
Read MoreNumber of Remodeling Firms Outpaces Single-Family Builders in U.S.
An increase in the number of residential remodelers between 2017 and 2022 of 25% has widened the gap between how many remodelers there are compared to how many residential builders, according to data from the National Association of Home Builders. Further analysis seems to support that the pandemic played a role in the increase of the remodel market as a report from Harvard’s Joint Center for Housing Studies demonstrated a dramatic rise in remodeling spending that remained above $600 billion despite leveling out after 2022. Nevertheless, some data from the…
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