Expected expenses on home improvements and repairs are softening, with gains in homeowner spending treading from 7 percent to 2.6 percent in the upcoming year, according to the latest Leading Indicator of Remodeling Activity (LIRA) from Harvard University's Joint Center for Housing Studies' Remodeling Futures Program.
 
"Home improvement and repair spending has been in an extended period of above trend growth for several years, due to weak home-building, aging homes and other factors," said Abbe Will, associate project director in the Remodeling Futures Program, in a statement. "However, growth in remodeling is expected to fall below the market's historical average of 5 percent for the first time since 2013."

"Cooling house price gains, home sales activity and remodeling permitting are lowering our expectations for home improvement and repair spending this year and next," said Chris Herbert, managing director of the Joint Center for Housing Studies. "Yet, more favorable mortgage rates could still give a boost to home sales and refinancing this spring and summer, which could help buoy remodeling activity."
 
Source: Harvard University Joint Center for Housing Studies

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