Now could be an ideal time for home renovations as core inflation, measuring consumer prices without food and energy, is at a two-year low. While costs remain elevated compared to pre-pandemic levels and some homeowners still face extended project timelines, recent relief is evident. July saw a nearly 10% decrease in major appliance costs compared to a year ago, and furniture prices have fallen by nearly 3% since July 2022. Despite potential fluctuations in materials like asphalt, concrete, and roofing, the slowdown in price growth provides homeowners with more stable project estimates. However, remodelers advise on maintaining patience due to supply chain issues and labor shortages. Additionally, the cooling housing and renovation markets make this a strategic time to remodel, capitalizing on increased home equity and rising home values.
This article originally appeared on Mansion Global.