Small businesses feel the pinch from slowing housing market

Bill Albritton of Bill Albritton Cabinetry in his workshop in Charlotte, N.C., on Aug. 24, 2022. Albritton is booked out 30 days in advance, compared to the usual 90 to 160 days. Meanwhile, his costs have gone up by more than 30% across the board. Plywood he uses jumped from $72 to $140 a sheet around Christmas. It has gone back down to $85 a sheet, but thats still higher than it used to be. And he has trouble finding hinges at any price.

In the Charlotte metropolitan area, the number of home sold fell 19% between June and July, and are down about 21% from July a year ago, according to the Re/Max monthly National Housing Report.Albritton is booked out 30 days in advance, compared to the usual 90 to 160 days. Meanwhile, his costs have gone up by more than 30% across the board. Plywood he uses jumped from $72 to $140 a sheet around Christmas. It has gone back down to $85 a sheet, but that’s still higher than it used to be.

Growth in homeowner spending for improvements and repairs is expected to slow for the rest of 2022 and the first half of 2023, according to the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. The center’s Leading Indicator of Remodeling Activity predicts homeowner improvement and repair spending repair spending will grow 17.4% this year to $431 billion. That will slow to 10.

“I certainly don’t see normal July and August levels, but I don’t see what I had feared in terms of significant decline. People still want small- to mid-sized projects,” he said. “As the market starts to cool in some areas, there’s much more sensitivity to timelines,” said Olivia Mariani, vice president at Curbio. “Before, a homeowner may be willing to wait 8 to 12 weeks to fully gut and remodel their kitchen. Now, they’re asking for the minimum viable work.”

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