The housing market has slowed to a crawl, and Home Depot (NYSE: HD) stock is down about 11% over the past year, as of Nov. 2, 2026. For investors planning to hold five years or longer, that weakness could be an opportunity. One reason I would buy the stock now is that Home Depot is poised to benefit from pent-up demand when housing rebounds. Home Depot sells tools, lumber, and building supplies to homeowners and contractors, and elevated interest rates have held spending on big projects in check. CFO Richard McPhail said in August that housing turnover, or the share of homes changing hands, "has never been lower as a percentage of the housing stock." It has stayed near those lows for four years. Image source: Getty Images.
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