Home Depot Inc. (Atlanta) posted third-quarter profit that topped analysts’ estimates, attributed to rising home prices that have spurred homeowners to splurge on renovations.
The retailer’s net income rose 43 percent in the three months ended Nov. 3, 2013, the number of transactions increased 4 percent and the average purchase climbed 3.2 percent to $56.27 .
Revenues climbed 7.4 percent in the quarter and U.S. same-store sales rose 8.2 percent.
Bloomberg News reports that the 18-month gain in the U.S. housing market is giving consumers the confidence they need to remodel kitchens and bathrooms.
Prices for single-family homes climbed in 88 percent of U.S. metropolitan markets in the third quarter as buyers competed for limited inventories, according to a report from the National Association of Realtors earlier this month.
The nationwide median price for an existing single-family home rose 12.5 percent in the third quarter, to $207,300.