Home Depot Inc. is riding the rebounding housing market through the turmoil battering retailers.

The Atlanta-based home-improvement chain has a simple explanation as to why it is sheltered from the broad malaise faced by others in retail. Rising home prices, which are near their pre-housing-bust peaks, mean more homeowners are feeling flush. So they’re more willing to splurge on big projects, from installing decks to remodeling kitchens.

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