A look at the wider impact of a weak housing market

The sputtering U.S. housing market is in turn hurting businesses that depend on Americans spending to furnish their new homes, The Wall Street Journal reports.

Retail store closures outpaced store openings in 2024, reversing a two-year trend of net openings, according to data firm Coresight Research. One of the biggest drivers of the contraction were home retailers shuttering, with national retailers such as Big Lots and Conn’s filing for bankruptcy.

While there were signs of improvement in the housing market in late 2024, subdued sales through the year helped tip already struggling businesses over the edge.

Although sales picked up in November, overall purchases of previously owned homes in 2024 are expected to hit the lowest level since 1995. Also, with mortgage rates back up to high levels from the summer of 2024, sales activity is likely to slow in the coming months.

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