Adobe Stock/Stuart Miles
Adobe Stock/Stuart Miles

Existing-housing-maintenance volume and existing-housing-remodel volume decreased during May, according to the BuildFax Housing Health Report. Maintenance ticked down just over 1% year over year while remodeling volume declined nearly 4% year over year, according to the insurance and financial organization. Despite the overall decline, several major metro ares experienced increases in remodeling activity.

Five of the largest metropolitan statistical areas experienced increases in remodeling activity. Philadelphia and Chicago experienced the largest increases in remodeling activity at 15.20% and 5.06% respectively. In some metros, remodeling activity is driven by increased domestic migration to the region, while in others, rising home prices have propelled homeowners to re-invest in their existing home instead of re-entering the housing market.

“After several years of above-average growth, the residential remodeling market may be reaching a turning point. Nationwide slowdowns in house price gains, home sales activity, and building material sales are lowering our expectations for further increases in home improvement and repair spending in 2019,” said Abbe Will, Remodeling Futures Associate Project Director at the Harvard Joint Center For Housing Studies. “However, metro housing markets that have yet to fully recover from the 2009 economic downturn provide untapped potential for further growth, despite the broader deceleration we’re seeing nationally.”

BuildFax conducted its study by examining properties in the U.S. between the years of 2013 and 2019. Data reported includes properties located within permitting authorities with 100% coverage during the six-year time frame.

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