According to a new report by the Commerce Department, home sales have jumped 16.6% last month. With historically low mortgage rates and steady job gains, more Americans are getting back into the housing marketing. The report finds that sales of existing home, making up 90% of the housing market, rose in April for a second straight month. The annual pace was $5.45 million, which is the highest level seen since January 2008.
This bodes well for the remodeling industry, as more and more homeowners are staying put and fixing up their homes. Home improvement retailers such as Home Depot Inc. and Lowe’s both released big numbers for their first quarter recently. This bodes well for the future of our industry in the months to come.