Housing market means nobody is buying sofas, furniture companies say

Luxury furniture companies report huge losses as experts say stalling housing market means nobody is buying new sofasFurniture companies RH and Hooker Furnishings reported losses last weekIt comes as elevated mortgage rates have slowed the U.S. housing marketREAD MORE: Housing affordability now worse than it was in 2006

Furniture retailers are seeing sales slow as experts claim America’s cooling housing market means fewer shoppers are purchasing sofas.¬†

Two luxury US firms reported drops in their second-quarter sales last week, with California-based RH recording a fall of 19 percent while Hooker Furnishings said revenue was down 36 percent.

Their share prices fell 16 and 17