Home Depot Stock Suffers as Housing Market Remains Stagnant

Home Depot's (NYSE:HD) stock has been affected by the current state of the housing market, which is showing no signs of improvement. Americans are staying put in their homes due to high interest rates, making it less likely for them to change residences and shop at home improvement stores like Home Depot.

A recent study found that there's a 13.5% chance of Americans changing residence over the next 12 months, which is a record low. This has led to a 21.57% loss in Home Depot's share price over the past year.

Despite this, Home Depot is offering discounts on its products, including Ryobi tools with up to 69% off during their upcoming Labor Day sale. Analysts have a Moderate Buy consensus rating on HD stock, with an average price target of $387.16 per share implying 21.21% upside potential.