A lack of available homes encourages owners to remain where they are.
Homeowners are staying put, which means big money for the home improvement industry.
Expenses for repairs and remodeling are expected to surpass $300 billion this year, according to forecasts from John Burns Real Estate Consulting and the Harvard Joint Center for Housing Studies, as the Wall Street Journal reports. The previous high was $285 billion in 2007.
Owners are tapping into their equity to remodel kitchens, floors, and basements. Repairs can make a house more attractive in hopes of fetching a better price in a calmer market a few years down the road. The ratio of for-sale listings compared to the percentage of occupied households in the U.S. is at a record low this year.