Industry News

Real estate remodeling slows in 4th quarter

Home modifications for seniors gain market share

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Remodeling activity slowed slightly in the fourth quarter of 2004, as the year ended with unusually wet weather, according to the National Association of Home Builders Remodeling Market Index (RMI). The fourth-quarter results fell one point behind the seasonally adjusted third quarter of 2004. "Although the RMI is seasonally adjusted, we still can't always predict the weather," said Remodelors Council Chairman Don Novak, a remodeler from Cedar Rapids, Iowa. "The interest rates are still good, and remodelers are looking forward to a rebound in the spring." The RMI is derived from a quarterly national survey of 500 remodelers. The current market conditions index fell one point, from 51.8 last quarter to 50.7. The future expectations index moved ahead from 52.4 to 54. Regionally, current market conditions in the South fell 1.8 points from last quarter to 52.9, and future expectations remained virtually unchanged at 57.9. The West was the only region to post gains in current market ...