No matter the purpose for home improvement whether it is for personal satisfaction or to increase the resale value of the home, make sure to call on Fitzhugh Decorators to ensure that the project will meet your high standards. Experience certainly makes a big difference in the way that home improvements are made because the Fitzhugh Decorators have been in the business for 40 years which means their customers are always 100% satisfied.
Because of rising home sales and prices including the increasing demand for homes, remodeling spending is expected to pick up. Industry experts see a rise in remodeling spending amidst the strengthening housing market fundamentals although they vary on how much. In June, sales of existing homes rose by 3.2% to a seasonally adjusted annual rate of 5.49 million from May. According to the National Association of Realtors, home sales are now at their highest levels since February 2007 and are up from 9.6% from a year earlier.
In June the median existing home price for all types of homes was $236,400 which is 6.5% up from a year earlier. This is above the peak median sales price of $230,400 set in July 2006. The rise in remodeling spending is expected to boost home improvement retailers and building product makers including global flooring companies. These companies are expected to profit from the renewed interest to make renovations like kitchen re-do, an improvement that was deferred in the past.
Analysts see a double digit year-over-year profit growth from 2015 all the way to 2017. They also expect that by the end of the year, remodeling spending will reach an all-time high. It looks like the housing industry has fully recovered from the housing downturn.
A mid to low single digit growth in remodeling is also expected this year and it will accelerate at the end of the year moving on to 2016 for the next year or two. In 2007, home improvement and repair spending peaked at just under $325 million but Joint Center estimates that spending will rise by 2.5% in 2015 to about $325 billion. The growth of project spending will most likely be a long term trend until another downturn.