The challenging landscape: Only 2.5% of US homes changed hands in the first eight months of 2024, marking the lowest rate in at least 30 years, per Redfin. That reflects the confluence of several factors that weigh on the housing industry, including elevated mortgage rates, limited supply, and political uncertainty. The result is a tough environment for retailers like Wayfair that are closely tied to the housing market.

• “Attention is focused away from the home right now,” said Wayfair CEO Niraj Shah during the company’s earnings call, before noting the retailer saw shoppers pull back spending in the lead up to the election.
• That drove the company to keep costs in check at the same time it looks to set itself up to “be a considerable beneficiary when the category does return to growth.”