Home Depot Sees Shift to Smaller Projects Amid Housing Market Freeze

Home Depot's second-quarter sales have grown by about 6% to $47.9 billion, driven largely by purchases of tools and materials for smaller projects.

The company attributes this shift in consumer behavior to a 'frozen' housing market, characterized by higher mortgage rates and lower home turnover.

As a result, customers are holding off on major renovations that typically come with buying a new home, instead opting for more affordable, low-key projects.

Home Depot's executive vice president and chief financial officer, Richard McPhail, notes that while consumer uncertainty is affecting larger home improvement projects, the company remains focused on what it can control.