Sales of new single-family homes have helped drive visits to home-improvement retailers, according to analytics company Placer.ai.
As 2023 progresses, visits to home-improvement retailers Home Depot Inc. and Lowe’s Cos. are increasing, according to foot-traffic data from analytics company Placer.ai.
In January, visits to Home Depot HD were down 7% and visits to Lowe’s LOW were down 7.3% compared with the same month in 2022. In March, visits to Home Depot were down 9.8% year over year and visits to Lowe’s were down 11.1%. Since then, however, visit gaps for the two companies have tightened every month, narrowing to just a 4.2% year-over-year decline for both Home Depot and Lowe’s in July.
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