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I doubt it

One quarter does not a trend make. If inventories continue to expand and sales soften for a couple of years, then there's a trend.

Another possibility is that production was just a little too high, but sales are still expanding.

Another possibility is that HD demand is a little soft because of the ongoing economic concerns about the future, and the soft stock market levels. Pretty much the same reason that the sales of cars and some classes of homes are down. HD sales are going to be relatively elastic because for most people they're a luxury rather than a necessity.

If anyone's ever heard celebrity-economist Harry Dent talk, he says HD is hot because of the generational bulge of (self-indulgent) yuppies earning and spending lots of money. He says the HD growth will continue until later in this decade when most of the yuppies outgrow their consumptive middle age, and start entering their more conservative and fiscally responsible 50's and 60's.
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