WASHINGTON — Homeowners are expected to increase spending on improvements and repairs over the coming year.
A report from Harvard University’s Joint Center for Housing Studies projects growth of around 7 percent in remodeling spending.
Annual spending on home improvements and repairs is expected to reach $350 billion by the middle of next year, said Abbe Will, associate project director at the center. Spending for the second quarter was at just over $324 billion.
Will predicts that the low inventory of existing homes for sale is holding back even larger gains, because remodeling and repairs tend to happen around the time of a sale.
Rising home values and increased home equity levels are encouraging more homeowners to take on larger projects, says Chris Herbert, managing director of the Joint Center for Housing Studies.
