Lowe's reported a 5.1% decline in comparable sales amid high mortgage rates, indicating a significant slowdown in DIY renovations as customers wait for interest rate relief.
Lowe's CEO Marvin Ellison remarked, 'We're all aware that we have an environment of elevated interest rates and inflation, and because of that, the DIY customer is just on the sidelines.'
DIY spending typically peaks six months to a year after a new move, suggesting even if mortgage rates improve, renovation projects might remain stagnant until 2025.
Harvard University's Joint Center for Housing Studies forecasts a steady increase in housing repair spending, likely to follow the anticipated rebound in favorable mortgage rates.
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