New figures from home improvement retailing giant Home Depot, Inc. have signaled that U.S. homebuyers are feeling negative about the nation’s housing market.
The retailer’s revenue regressed in Q1 and is expected to drop even further when Q2 earnings are announced Tuesday, ending Home Depot’s three-year streak of positive sales growth.
Home Depot’s drooping sales correspond with the results of Fannie Mae’s July Home Purchase Sentiment Index, which revealed only 18% of homebuyers – the index’s all-time-low – think it’s a “good time to buy.”
As home prices continue to surge across the country and making home owning progressively more unaffordable to the average consumer, expect homebuyers’ faith in the market to keep tumbling in turn.
