Spring is usually a hot time for the U.S. housing market.
But as mortgage rates remain high and economic uncertainty abounds, new homes are off-limits or on hold for many consumers.
As more people opt to stay put in their current homes, they’re often turning to low-cost home updates in the form of DIY home improvement and home décor projects.
For that reason, retailers are wise to emphasize products that help make the most of their space, offer low-cost updates or can be customized based on unique needs. Shoppers are also sure to appreciate events, tips or offerings that help them tackle DIY projects at home.
Tepid New Home Sales
According to Zillow, newly pending sales were 2.5% lower in April of this year compared to 2024, despite lower mortgage rates than a year ago.
While April’s sales data was an uptick from March, “many households didn’t know what was next for their jobs, investment portfolios or budgets,” said Kara Ng, Zillow senior economist. “As a result, some potential buyers sat on the sidelines, awaiting further clarity before making significant purchases.”
It’s DIY Time
While some homeowners may hire someone for a home improvement project while they bide their time, the potential cost savings will likely lead many to tackle a small project themselves. These types of low-cost home updates can include anything from painting and laying tiles to maximizing closet space and repurposing living space.
According to Apartment Therapy, some trending DIY room upgrades include peel-and-stick tiles, adding wainscoting or crown molding, and vintage-inspired wallpaper.
Utility or Style
Some renters or homeowners may opt for projects or products to help them get the most out of their current space, while others may opt for style updates to tide themselves over.
To support shoppers who are trying to maximize space, retailers may want to lean into storage and organization products, or items that are collapsible, multi-purpose or offer an unusually low profile.
But some shoppers might simply be looking for new home décor items or display-friendly items in the latest styles and designs.
Looking for inspiration? A recently released portfolio in the HomePage News InSight™ Trend Index features a new “post-minimalist” aesthetic, while also calling out a few specific design trends including matte finishes, fluted or ribbed items, and anything in the color petrol blue.
Access images and descriptions of a wide variety of trending styles in home and housewares products in “Contemporary Contrasts” – Portfolio 8 in the HomePage News InSight™ Trend Index 2024/25.