Industry News

Real estate remodeling picks up pace

Homeowners focus on major additions, repairs in third quarter

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Riding on the heels of historically low interest rates and a solid level of consumer confidence, the National Association of Home Builders Remodeling Market Index (RMI) posted a strong third quarter. Today's third-quarter results moved one point ahead of the seasonally adjusted second quarter in 2004. "This has been an amazing year for remodeling," said NAHB Remodelors Council Chairman Douglas Sutton Sr., a remodeler in Springfield, Ill. "With home sales remaining record-breaking, the major additions and alterations sector has kept many remodelers busy with continually growing backlogs." The RMI is derived from a quarterly national survey of 500 remodelers. The current market conditions index moved one point, from 50.6 last quarter to 51.8. The future expectations index remained unchanged from last quarter at 52.4. Regionally, the Southern part of the country remained virtually the same in current activity, at 54.7, but gained nearly 4 points in future expectations, moving from ...