The Joint Center for Housing Studies of Harvard University predicts that spending growth on remodeling projects will slow across more than half of U.S. metros in 2019.
While no major metros are projected to see spending levels decline in 2019, our model indicates that the pace of spending by homeowners will slow in 29 of the 49 major metros tracked relative to their estimated 2018 gains. Indeed, annual growth in improvement expenditures is projected to fall to the lowest rate in three years in nearly half (22) of these metros.
“Metros with cooling home prices and sales activity are not able to sustain the same pace of investment in home improvements as in recent years,” says Chris Herbert, Managing Director of the Joint Center for Housing Studies. “Our projections show especially pronounced slowing in markets such as San Antonio, Kansas City, Pittsburgh, Buffalo, and Dallas.”