Home Depot CFO Richard McPhail warned that the U.S. housing market remains frozen, with housing turnover stuck at historic lows. Speaking to CNBC and on Home Depot's earnings call, McPhail said housing turnover has never been lower as a percentage of the housing stock, and that it has stayed at these low levels for four years now, whereas historically it always bounced up relatively quickly after hitting about 3% of the housing stock changing hands. A Redfin analysis shows only 2.8% of U.S. homes changed hands during the first nine months of 2025, the lowest turnover rate in at least 30 years. McPhail said businesses connected with housing face tremendous pressure, and Home Depot's latest quarter showed customers continuing to buy supplies for smaller repairs and maintenance while larger discretionary projects remained under pressure. Then-Federal Reserve Chair Jerome Powell pointed to the mortgage lock-in effect back in September 2024, calling the market in part frozen.
The Home Depot IncCFO says frozen housing market with historic-low turnover pressures Home Depot, with larger discretionary projects under pressure while customers stick to small repairs.
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