Spending on home renovations slows, but high remodeling costs mean little relief in sight for buyers

Homeowners have been spending more for renovations in recent years, as high interest rates and inflation drove up costs for everything from flooring to refrigerators. But the home improvement frenzy appears to be cooling. Spending on renovations and repairs fell for the first time in over a decade in the first quarter, according to the Joint Center for Housing Studies of Harvard University. Researchers predict spending will continue slowing into next year. Even so, while prices for building materials and labor are mostly growing more slowly, the cost of home renovations are likely to remain elevated.