The National Association of Home Builders (NAHB) is reporting that “the Remodeling Market Index (RMI) climbed to 50 in the third quarter of 2012, up from 45 in the previous quarter.” This is great news for the remodeling industry. The increase brings the RMI back to 2005 levels.
“The strength of the RMI, especially in owner-occupied properties, shows that home owners are investing in remodels as home prices stabilize,” said NAHB Remodelers Chairman George “Geep” Moore Jr. “As owners become more confident that investments in housing will hold their value, they are beginning to undertake projects to improve their comfort that they had been putting off.”
According to NAHB, “All three indicators of current market conditions improved: maintenance and repairs rose to 56 (from 50), minor additions and alterations to 51 (from 47) and major additions and alterations to 49 (from 42). Current market conditions improved or held steady in all four regions in the third quarter of 2012.”
What do you think this means for the remodeling industry? Is this a sign that the housing market is picking up?