Another bad sign for the housing market: Remodeling spending is expected to slow

After years of feverish remodeling activity, Americans are starting to cool on home improvement projects.

Others, however, argue that the slowdown in remodeling is already upon us. Smaller remodeling companies have been particularly hard hit by this trend, said Robert Dietz, chief economist for the National Association of Home Builders. “We’ve been noticing in the data this year that the remodeling market has been cooling,” Dietz said. “The market is cooling among some of the smaller remodelers. If you talk to the larger ones, they’re busy.

Why Americans are cooling on home improvement projects Chris Herbert, managing director of the Joint Center for Housing Studies, attributed the slowdown to a confluence of factors. “Declining home sales and homebuilding activity coupled with slower gains in permitting for improvement projects will put the brakes on remodeling growth over the coming year,” he said in the report.

Another factor: home price appreciation has slowed and isn’t outpacing income growth like it once did in some markets. When home prices were rising faster than wages, “home owners felt wealthier and were more likely to reinvest in their homes,” Dietz said.

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