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Home Depot leaves annual forecasts unchanged as U.S. housing market slows

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Home Depot shares slipped in early trade, with the number of transactions falling in the quarter as surging inflation deterred do-it-yourself customers

on Tuesday left its annual forecasts unchanged even as quarterly results topped Wall Street expectations, raising concerns about demand heading into the holiday season amid a slowing housing market.

Mortgage rates have more than doubled since the start of 2022, cooling the housing market that boomed in the pandemic. Although demand from contractors, builders and other professional customers remained strong, DIY customers who had splurged on paint, tools and gardening equipment last year cut back on spending in the third quarter of this year.

Home Depot, like other retailers, has had to raise prices across the board to shield its margins from commodity inflation and higher costs of freight and labor.

 

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