House remodeling spending grew 11.54% year-over-year in April, according to BuildFax.
Maintenance volume and maintenance spending increased 2.45% and 1.17% year-over-year in April.
April single-family housing authorizations declined, however, by 8.23% year-over-year and by 4.53% compared with March.
“While there is always a spotlight on new construction, maintenance is also a must-watch indicator–it reflects the health of the existing housing stock, which comprises 90% of all U.S. properties,” BuildFax CEO Holly Tachovsky said in a statement. “This month’s maintenance gain is a positive sign amidst a housing slowdown and we’ll be watching whether this activity remains stable over time.”
The full BuildFax report can be downloaded here.
