As inflation cools and home prices pick back up, home improvement spending is set to rise. These three retail stocks could be winners, says Bank of America.
Cooling inflationary pressures and strengthening home values are likely to spell a recovery for home improvement retailers sooner rather than later, according to Bank of America. Although the firm's indicator for the home improvement industry still came in negative for August 2023, the signal ticked up from its July reading.
home price appreciation in 2023 versus a prior forecast of 0%. "Strength in home values should lend longer-term stability for home improvement demand," Suzuki wrote. The analyst added that improved consumer sentiment toward home improvement spending in the next 12 months could hold spending levels steady in 2023 and 2024, after the pandemic-induced "unprecedented growth" and subsequent dip earlier this year.
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