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Tag: Boom

The Pandemic DIY Boom – The Atlantic

But in April, she realized that she had the opposite problem: Orders had started pouring in. Schauffler told me the company’s sales are up 400 percent over last year, and her best sellers—sheets of peel-and-stick white subway “tiles” and metallic mosaics—had completely sold out twice already. “Everyone was at home, they had time, they looked at their environment, and they went online,” she said. They started watching tutorials and ordering supplies.

Home Depot and Lowe’s registered monster sales increases not long after the pandemic began, both on the internet and in their brick-and-mortar stores—which Home Depot lobbied local governments to label essential businesses. That’s in spite of interruptions in residential construction and professional remodeling in many areas of the country.

At Apartment Therapy, a website about home improvement and design, editor in chief Laura Schocker viewed the country’s pandemic anxieties through the prism of her readership, which is 60 percent

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DIY Boom Continues to Drive Demand for Home Improvement Stores

Home improvement stores are on track to permanently land in the essential services or daily needs category, which retail investors have focused on for years. This year, home improvement activity has increased dramatically, and 40% of consumers have indicated that they plan to continue home improvement projects beyond the recession, according to research from the NPD Group. The activity has driven home improvement store sales up 11% this year.

During the pandemic, home improvement stores have become the second fastest growing retail segment in both brick-and-mortar and online sales. In lawn and garden, tools, paint, kitchen and bath and hardware segments, each saw a double-digit increase in both online and in-store purchases. The average shopping trip also increased 10% compared to the average trip in 2019.

Home Depot Versus Lowe’s

Placer.ai, which also looked closely at shopping trends in the major home improvement brands, found that Lowe’s saw an early

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A tale of two Britains: homes market boom deepens social divide

LONDON (Reuters) – Claire Tomlinson dreams of buying a three-bedroom house in the leafy northern English town of Sandbach but now finds herself priced out of the market, a story that is becoming all too familiar in Britain in the pandemic era.

Claire Tomlinson and her partner Ricky Collier pose for a portrait in Sandbach, Britain, September 25, 2020. REUTERS/Molly Darlington

The 28-year-old e-commerce worker and her partner were saving diligently while renting in Sandbach so they could buy their own home this year, an ambition that has been thwarted by forces beyond their control.

A post-lockdown stampede for bigger houses outside of urban areas in the new work-from-home age has sparked a fresh boom in Britain’s housing market – especially in areas like Sandbach, a small country town surrounded by the rolling Cheshire Plains.

While this dash for the countryside is not a phenomenon unique to Britain, its decision

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A Tale of Two Britains: Homes Market Boom Deepens Social Divide | Investing News

LONDON (Reuters) – Claire Tomlinson dreams of buying a three-bedroom house in the leafy northern English town of Sandbach but now finds herself priced out of the market, a story that is becoming all too familiar in Britain in the pandemic era.

The 28-year-old e-commerce worker and her partner were saving diligently while renting in Sandbach so they could buy their own home this year, an ambition that has been thwarted by forces beyond their control.

A post-lockdown stampede for bigger houses outside of urban areas in the new work-from-home age has sparked a fresh boom in Britain’s housing market – especially in areas like Sandbach, a small country town surrounded by the rolling Cheshire Plains.

While this dash for the countryside is not a phenomenon unique to Britain, its decision to suspend taxes on residential property purchases till April 2021 has turbocharged the market.

Now house prices have risen

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Gloom before boom for home prices

“Yet there will be locations where distress selling could be more significant and the spectre of negative equity weighs heavily on households. Given Australia’s high household debt and lower population growth, house prices will struggle over the coming years.”

Although Macquarie senior economist Justin Fabo expects national house prices to fall by up to 5 per cent, he says the pace of decline could be ebbing in Sydney and prices are starting to lift in several capital cities and in regional areas.

According to CoreLogic, home values rose in Hobart, Darwin and Canberra in August. Prices also rose in regional NSW.

“The true test of resilience will be next year when some of the fiscal support tapers and support from lenders is wound back,” Mr Fabo said.

“We see a good chance of very modest dwelling price growth next year, supported by some improvement in the economy but, most importantly,

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U.S. Housing Boom Threatened by Short Supply of Homes to Buy

(Bloomberg) — The U.S. housing market, which has been a bright spot in the pandemic-battered economy, is running out of fuel.

With buyers eager to take advantage of low mortgage rates, the inventory of homes to buy is scarce. That’s driving up prices and threatening to derail the boom by pushing homeownership out of reach for many Americans.

For homebuilders, the huge demand for housing is an opportunity to crank up construction and solve the inventory crisis. Instead, some are deliberately slowing things down as they grapple with supply shortages, surging lumber costs and intense competition for labor and land.

“It’s smart business,” said Gene Myers, chief executive officer of Thrive Home Builders in Denver. “But that means continued shortages and higher prices.”



chart: American Homes Get Scarce


© Bloomberg
American Homes Get Scarce

After the Covid-19 lockdowns in March brought sky-high unemployment, most builders expected a crash. What they got was a brief pause

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Housing Boom in U.S. Threatened by Shortage of Available Homes

(Bloomberg) — The U.S. housing market, which has been a bright spot in the pandemic-battered economy, is running out of fuel.

With buyers eager to take advantage of low mortgage rates, the inventory of homes to buy is scarce. That’s driving up prices and threatening to derail the boom by pushing homeownership out of reach for many Americans.

For homebuilders, the huge demand for housing is an opportunity to crank up construction and solve the inventory crisis. Instead, some are deliberately slowing things down as they grapple with supply shortages, surging lumber costs and intense competition for labor and land.

“It’s smart business,” said Gene Myers, chief executive officer of Thrive Home Builders in Denver. “But that means continued shortages and higher prices.”



chart: American Homes Get Scarce


© Bloomberg
American Homes Get Scarce

After the Covid-19 lockdowns in March brought sky-high unemployment, most builders expected a crash. What they got was a brief pause

Read More

As Home Sales Reach Highest Level Since 2006, Luxury Sales Boom

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Joe Raedle/Getty Images

The housing market continued to boom in August as existing home sales reached a pace not seen in more than a decade, fueled in part by demand from high-end buyers.

The seasonally adjusted annual rate of existing home sales reached 6 million for the first time since December 2006, the National Association of Realtors, or NAR, said Tuesday morning.

The housing market is demonstrating a “super V-shaped” recovery as home sale activity outperforms pre-pandemic levels, NAR chief economist
Lawrence Yun
said on a Tuesday call with reporters. Existing home sales rose 2.4% from July and 10.5% year-over-year, the trade group reported. Among single-family homes, those that sold for $1 million or more rose 44% compared with last year, more than any other price point.

“Right now, it is a booming market on the upper-end,” Yun said, citing a trend toward homes with more room that

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COVID-19 sparks renovation boom

Aussie families have jumped at the chance to renovate their properties during the coronavirus pandemic.

New lending data has revealed just how keen Australians are to give their homes a facelift,, with the average budget coming in at a whopping $63,188.

Victoria came in with the highest average renovation cost at $71,067, followed by Tasmania $67,416 and New South Wales $66,609. Queensland held the median at $60,560.

ACT ($58,466), Western Australia ($54,377) and South Australia ($53,524) were below the national average renovation cost alongside QLD, according to Suncorp Bank lending data retrieved from July 2019 to June 2020.

MORE: Amazing home has an entire skate park inside it

Experts warn of sharp fall in house prices

28-year-old buys house sight unseen, again

Brisbane-based builder Mitch Picklington of Mitcon Build has been inundated with construction enquiries from households during COVID-19.

“We have been inundated with requests to quote for different jobs

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Lockdown home improvement boom boosts US DIY chains

Lawnmowers priced at $3,000 are atypical best-sellers in recessions. But sales of the Ariens Ikon XD, featuring 20-inch tyres, a V-twin Kawasaki engine and ergonomic plush seat, have surged in the US during the pandemic.

While other industries grapple with a shaky economy, the home improvement business is booming. Home Depot and Lowe’s this week reported historically large rises in quarterly revenues as housebound Americans spend billions of dollars more than usual at the two go-to chains for DIY.

“Most of us are forced to spend more time at home than we ever have in our lifetimes,” said Marvin Ellison, Lowe’s chief executive, presenting a 34 per cent jump in like-for-like sales. Customers had been “finding projects around the house” that they either “hadn’t had a chance to get to” or “just didn’t notice” before lockdown.

Craig Menear, chairman and chief executive of Home Depot, said the pandemic had meant

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