Home Depot’s strong fourth quarter overshadowed by weakening sales and expectations for 2024
10 months ago

Home Depot’s strong fourth quarter overshadowed by weakening sales and expectations for 2024

Associated Press  

Home Depot’s sales continued to fade during the fourth quarter as the country’s largest home improvement retailer feels the impact of high mortgage rates and inflation on its customers. “Over Home Depot’s final quarter, we estimate that home sales in the U.S. dropped by 7.2% over the prior year. For the three months ended Jan. 28, Home Depot Inc. earned $2.8 billion, or $2.82 per share. Home Depot predicts fiscal 2024 sales growth of about 1%, including the 53rd week.

Mortgage Share Quarter Rate Home Depot Depot Weakening Sales  strong  rates  weakening  sales  overshadowed  market  expectations  mortgage  quarter  depot  billion  depots  2024  rate  week  fourth  saunders  share

History of this topic

US home sales hit fastest pace since March with more properties up for sale
5 days, 16 hours ago

US home sales hit fastest pace since March with more properties up for sale

Associated Press  

Sales of previously occupied U.S. homes rose in November to their fastest pace since March with home shoppers encouraged by a wider selection of properties on the market, even as mortgage rates mostly ticked higher. Despite increasing in November and October, home sales are still running below last year’s pace, when they sank to a nearly 30-year low. “Looks like …

US home sales rose in October, notching their first annual gain in more than 3 years
1 month ago

US home sales rose in October, notching their first annual gain in more than 3 years

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes rose in October, the first annual gain in more than three years, with home shoppers encouraged by easing rates and a pickup in properties on the market. Existing home sales rose 3.4% last month, from September, to a seasonally adjusted annual rate of 3.96 million, the National Association of Realtors said …

Home Depot’s Q3 results top Wall Street as pullback in consumer spending eases a bit
1 month, 1 week ago

Home Depot’s Q3 results top Wall Street as pullback in consumer spending eases a bit

Associated Press  

Home Depot continued to deal with a pullback in spending from customers in its fiscal third quarter, but it was less severe than in the past, and its performance beat Wall Street’s expectations. While this comes off the back of a decline in the prior year, it is the shallowest rate of decrease in two years and sends a positive …

US home sales fell in August despite easing mortgage rates, more homes on the market
3 months ago

US home sales fell in August despite easing mortgage rates, more homes on the market

Hindustan Times  

LOS ANGELES — Sales of previously occupied U.S. homes fell in August to the slowest annual pace in nearly a year even as mortgage rates eased and the supply of properties on the market continued to rise. Sales of previously occupied U.S. homes fell in August to the slowest annual pace in nearly a year even as mortgage rates eased …

Market for newly built homes slows as elevated mortgage rates put off many home shoppers
5 months, 3 weeks ago

Market for newly built homes slows as elevated mortgage rates put off many home shoppers

Associated Press  

LOS ANGELES — Homebuilders who bucked the worst of last year’s housing slump may be seeing their luck run out. The recent slowdown in new home sales marks a shift from last year, when sales rose nationally for the first time in two years, climbing 4.2% from a year earlier. As last year, homebuilders have lowered prices and offered incentives …

US home sales fall for the 3rd straight month in May amid rising mortgage rates, record-high prices
6 months ago

US home sales fall for the 3rd straight month in May amid rising mortgage rates, record-high prices

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes fell in May for the third straight month as rising mortgage rates and record-high prices discouraged many prospective homebuyers during what’s traditionally the housing market’s busiest period of the year. “We had low home sales activity, prices are hitting record highs and homes look like they’re still getting multiple offers.” The …

U.S. existing home sales drop 1.9% in April, pushed lower by high rates and high prices
7 months ago

U.S. existing home sales drop 1.9% in April, pushed lower by high rates and high prices

Associated Press  

WASHINGTON — High mortgage rates and rising prices continued to put a damper on the spring homebuying season last month. Existing home sales fell 1.9% to a seasonally adjusted annual rate of 4.14 million in April from a revised 4.22 million in March, the National Association of Realtors reported Wednesday. Homeowners have hesitated to put their houses on the market …

Home Depot’s sales continue to soften in 2024 as inflation, delayed start to spring weigh on sales
7 months, 1 week ago

Home Depot’s sales continue to soften in 2024 as inflation, delayed start to spring weigh on sales

Associated Press  

Home Depot’s sales continued to soften in the first quarter as the nation’s largest home improvement retailer was not only constrained by high mortgage rates and higher inflation for its customers, but it also had to deal with a delayed start to spring. Sales at store open at least a year, a key gauge of a retailer’s health, declined 2.8% …

2023 was slowest year for US home sales in nearly 30 years as high mortgage rates frustrated buyers
11 months ago

2023 was slowest year for US home sales in nearly 30 years as high mortgage rates frustrated buyers

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes sank in 2023 to a nearly 30-year low, as sharply higher mortgage rates, rising prices and a persistently low level of homes on the market combined to push homeownership out of reach for many Americans. Last year’s home sales slump echoes the nearly 18% annual decline in 2022, when mortgage rates …

Home sales slumped to slowest pace in more than 13 years in October as prices, borrowing costs, soar
1 year, 1 month ago

Home sales slumped to slowest pace in more than 13 years in October as prices, borrowing costs, soar

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes slumped in October to their slowest pace in more than 13 years as surging mortgage rates and rising prices kept many prospective homebuyers on the sidelines. Existing home sales fell 4.1% last month from September to a seasonally adjusted annual rate of 3.79 million, the National Association of Realtors said Tuesday. …

Home Depot sales continue to slide but the biggest home improvement chain still tops expectations
1 year, 1 month ago

Home Depot sales continue to slide but the biggest home improvement chain still tops expectations

Associated Press  

Home Depot sales continue to slide as Americans wrestle with persistent inflation and the company narrowed its outlook for the year. It’s the first time that Home Depot has projected a decline in annual sales since 2009, when the U.S. economy was decimated by a massive housing bubble. The impact of inflation and monetary policy on a company like Home …

Home Depot tops expectations again, but signs of spending pullback by Americans continues to emerge
1 year, 4 months ago

Home Depot tops expectations again, but signs of spending pullback by Americans continues to emerge

Associated Press  

ATLANTA — Home Depot topped profit and sales expectations in its most recent quarter, but sales continued to decline as inflation and soaring interest rates play a larger role in the spending choices made by Americans. Despite the stronger-than-expected sales figures, Home Depot on Tuesday stuck to previous guidance for the year, seeing sales decline between 2% and 5%, after …

Home sales in June fell to the slowest pace since January with near-historic low inventory for sale
1 year, 5 months ago

Home sales in June fell to the slowest pace since January with near-historic low inventory for sale

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes fell in June to the slowest pace since January, as a near-historic low number of homes for sale and rising mortgage rates kept many would-be homebuyers on the sidelines. The national median sales price fell on an annual basis for the fifth month in a row, though fierce competition led to …

Home Depot sees first annual sales decline in more than a decade as housing streak ebbs, rates jump
1 year, 7 months ago

Home Depot sees first annual sales decline in more than a decade as housing streak ebbs, rates jump

Associated Press  

After years of explosive growth during the pandemic, Home Depot’s revenue during the first quarter fell short of expectations and the company cut its profit and sales outlook for the year, sending shares lower at the opening bell. Home Depot on Tuesday projected its first decline in annual revenue since 2009 in the aftermath of the bursting of the housing …

Home Depot’s strong quarter overshadowed by 2023 outlook
1 year, 10 months ago

Home Depot’s strong quarter overshadowed by 2023 outlook

Associated Press  

ATLANTA — The Home Depot posted strong profits in its final quarter of 2022 but said it expects profits to slip this year, sending shares of the home improvement retailer skidding at the opening bell Tuesday. Wall Street was also projecting a slight uptick in sales, but Home Depot said that would likely be flat. “After a year of defying …

US home sales fell in October for ninth straight month
2 years, 1 month ago

US home sales fell in October for ninth straight month

Associated Press  

Sales of previously occupied U.S. homes fell in October for the ninth consecutive month to the slowest pre-pandemic sales pace in more than 10 years as homebuyers grappled with sharply higher mortgage rates, rising home prices and fewer properties on the market. Existing home sales fell 5.9% last month from September to a seasonally adjusted annual rate of 4.43 million, …

Home Depot tops 3Q expectations again, but sticks by outlook
2 years, 1 month ago

Home Depot tops 3Q expectations again, but sticks by outlook

Associated Press  

ATLANTA — Home Depot easily topped expectations for both profit and revenue in the third quarter, but investors were spooked after the company stuck by projections it put out earlier this year. Shares of The Home Depot Inc. rose 1.2% in morning trading. But he said that Home Depot is “not immune to a tightening economy.” “We believe that various …

Home sales prices fell by a sharp 6% last quarter
2 years, 2 months ago

Home sales prices fell by a sharp 6% last quarter

NL Times  

The Dutch housing market is cooling down, the realtors’ association NVM confirmed on Thursday. In the third quarter of this year, house prices fell by 5.8 percent compared to the second quarter. “The average selling price of an existing home was 425,000 euros in the third quarter of 2022,” the NVM said in a statement. The average home sales price …

Home Depot posts record profit, revenue; sticks to outlook
2 years, 4 months ago

Home Depot posts record profit, revenue; sticks to outlook

Associated Press  

Home Depot is seeing sustained demand for goods related to home improvement projects despite soaring prices and mortgage rates for homes. “While inflation does not account for all the gains, it has flattered Home Depot’s numbers.” Saunders believes that it has been easier for Home Depot to pass along price increases to customers because the products on its stores shelves …

Realtors expect short-term impact on housing sales, buying sentiments following hike in repo rate
2 years, 4 months ago

Realtors expect short-term impact on housing sales, buying sentiments following hike in repo rate

Firstpost  

The impact of RBI’s decision to raise the benchmark lending rate by 50 basis points to 5.40 per cent is expected to be for a short term, according to real estate developers and consultants New Delhi: Housing sales are likely to be hit, especially in affordable and mid-income categories, following the RBI’s decision to hike repo rate, according to real …

Home sales give way as prices enter unprecedented territory
2 years, 6 months ago

Home sales give way as prices enter unprecedented territory

Associated Press  

Sales of previously occupied U.S. homes slowed for the fourth consecutive month as climbing mortgage rates and record high prices discouraged house hunters. Existing home sales fell 3.4% last month from April to a seasonally adjusted annual rate of 5.41 million, the National Association of Realtors said Tuesday. The housing market, a crucial part of the economy, is slowing as …

Home Depot overcomes slow start to year, rising home prices
2 years, 7 months ago

Home Depot overcomes slow start to year, rising home prices

Associated Press  

Home Depot’s first-quarter sales improved despite a slow spring start and the home improvement chain raised its full-year guidance. Home Depot earned $4.23 billion, or $4.09 per share, for the quarter, also topping analyst per-share projections of $3.67. Sales of previously occupied U.S. homes slowed in March to the slowest pace in nearly two years as a swift rise in …

Home Depot sales continue to surge in hot housing market
3 years, 1 month ago

Home Depot sales continue to surge in hot housing market

Associated Press  

Home Depot’s sales continued to climb through third quarter with the U.S. housing market red hot. Sales of previously occupied U.S. homes bounced back in September to their strongest pace since January as mortgage rates tick higher, motivating buyers to get off the sidelines. The National Association of Realtors said last month that existing homes sales rose 7% compared with …

July home sales up 1% as prices reach unprecedented levels
3 years, 4 months ago

July home sales up 1% as prices reach unprecedented levels

Associated Press  

WASHINGTON — Sales of new homes rose a modest 1% in July after a string of declines as new home prices soar to record levels. The median price of a new home sold in July climbed to an unprecedented $390,500, up 18.4% from a year ago, while the average sales price in July hit a record $446,000, up 17.6% from …

US new home sales fell 5.9% in April after big March gain
3 years, 6 months ago

US new home sales fell 5.9% in April after big March gain

Associated Press  

WASHINGTON — Sales of new homes fell a bigger-than-expected 5.9% in April, a drop that analysts blamed in part on rising home prices. The report on new home sales follows a report last week that sales of existing homes fell for a third straight month in April, dropping 2.7% to a seasonally adjusted annual rate of 5.85 million units. “The …

Home sales are still surging
4 years, 1 month ago

Home sales are still surging

CNN  

Even amid a global pandemic and high unemployment, people are still buying homes at the fastest rate in years. But a record low inventory of available homes and a greater number of luxury homes sold have pushed the median home price up to a record $313,000, almost 16% more than a year ago. “We see home sales continuing to grow …

Isolated Americans spend at home; Home Depot is there for it
4 years, 1 month ago

Isolated Americans spend at home; Home Depot is there for it

Associated Press  

As the year comes to a close Americans are still stuck at home and that has led to an explosive year for Home Depot. The Atlanta home improvement retailer earned $3.43 billion, or $3.18 per share, compared with $2.77 billion, or $2.53 per share, a year earlier. Home Depot Inc. also said Tuesday that it’s making temporary financial support programs …

Housing market is still going strong and propping up the economy
4 years, 4 months ago

Housing market is still going strong and propping up the economy

CNN  

New York CNN Business — The housing market continues to be a bright spot inthe United States economy that has been ravaged by coronavirus. “Homebuyer demand remains robust, inventories are tight, and there is a need for new units to keep the pace of sales going,” said Mike Fratantoni, chief economist of the Mortgage Bankers Association, in a report Tuesday. …

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