Home Depot sales soar in hot housing market

Home Depot sales soar in hot housing market

Home Depot sales continued to climb during the third quarter as the US housing market heated up.

Revenue rose 9.8% to $36.82 billion, exceeding the $34.97 billion expected by Wall Street, according to a survey by Zacks Investment Research. Sales in stores for at least a year, a key measure of a retailer’s health, jumped 6.1%, also better than expected. Those sales rose 5.5% in US stores.

Home Depot Inc earned $4.1 billion, or $3.92 per share, easily beating expectations of $3.41, as well as last year’s quarterly profit of $3.4 billion.

Hardware stores have been a hub of activity during the pandemic as people working from home have taken on new projects. Many have also moved into new homes with more home office space.

US previously occupied home sales rebounded back in September to their strongest pace since January as mortgage rates rose, spurring buyers to move away from the sidelines.

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The National Association of Realtors said last month that existing home sales rose 7% from August to a seasonally adjusted annual rate of 6.29 million units.

Additionally, new home sales jumped 14% in September to the fastest pace in six months as strong demand helped offset higher prices.

The Commerce Department reported last month that sales of new single-family homes rose to a seasonally adjusted annual rate of 800,000 units last month, much higher than economists had expected.

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