Builder Confidence Continues to Improve in Third Quarter
Builder confidence in the 55+ housing market showed continued improvement in the third quarter of 2013 compared to the same period a year ago, according to the National Association of Home Builders’ (NAHB) latest “55+ Housing Market Index” (HMI). All segments of the market—single-family homes, condominiums and multifamily rental—registered strong increases. The single-family index increased 14 points to a level of 50, which is the highest third quarter number since the inception of the index in 2008, and the eighth consecutive quarter of year-over-year improvements.
“We have seen steady improvement in the 55+ housing sector as buyers and renters are attracted to new homes and communities that offer the lifestyle they desire,” said Robert Karen, chairman of NAHB’s 50+ Housing Council and managing member of the Symphony Development Group. “Although the market is significantly stronger than it has been in recent years, we still have a ways to go to get back to full production.”
There are separate 55+ HMIs for two segments of the 55+ housing market: single-family homes and multifamily condominiums. All of the components of the 55+ single-family HMI showed considerable growth from a year ago: present sales climbed 16 points to 52, expected sales for the next six months rose 11 points to 53, and traffic of prospective buyers increased 10 points to 43.
For more information, visit www.nahb.org.