Home Depot has been a representative of the hot real estate market.
What is happening: The company mounted the wheels of the pandemic building boom and gave us the idea that it has not slowed down.
A new data point illuminates the boom: U.S. house prices soared in December at the fastest pace in six years, the latest sign of strong demand.
Details: Home Depot said Tuesday the floors, appliances and vinyl moldings generated sales late last year.
- Sales of DIY projects continued at a dizzying pace.
- Purchases of housing supplies by professional builders have jumped the most since the pandemic began.
Get up to date fast: Demand for housing has skyrocketed, but supply continues to tighten: prices are soaring.
- Builders compete to keep up with the demand for new homes.
- Debt rates plummeted when the pandemic hit, attracting closed residents to look for larger or different homes.
The other side: As people spent more time at home, they also put in extra money, fueling a home improvement frenzy.
What they say: “It took us 19 years to get the first $ 20 billion in total sales,” but sales increased more than that in just one year, Craig Menear, CEO of Home Depot, told analysts today.