How long this trend will last is unclear, though it's clear a lot will depend on the direction of interest rates.
This dynamic isn't surprising given a high interest rate environment that has pressured consumers.
"Elevated interest rates are causing customers to defer their large discretionary projects," UBS analyst Michael Lasser said.
"This means that a recovery should be robust as interest rates move lower."
"Existing home sales also continue to be a material headwind to remodel activity as long as interest rates remain relatively high," Badishkanian said.
Persons:
Richard McPhail couldn't, McPhail, Marvin Ellison, Bradley Thomas, Greg Melich, it's, Michael Lasser, Melich, bode, Wolfe, Greg Badishkanian, Badishkanian, Edward Decker, KeyBanc's Thomas, Ellison, Lowe's, Thomas, Lowe's Ellison
Organizations:
Home, Federal Reserve, Depot, CNBC, UBS, Home Depot, Wolfe Research, Lowe's, Pro, FactSet
Locations:
Lowe's, Friday's