|Builder confidence in the 55-plus housing market improves|
|Written by Sentinel-Tribune Staff|
|Thursday, 15 August 2013 08:14|
WASHINGTON - Builder confidence in the 55+ housing market for single-family homes showed strong continued improvement in the second quarter of 2013 compared to the same period a year ago, according to the National Association of Home Builders' latest 55+ Housing Market Index released Aug. 8. The index increased 24 points to a level of 53, which is the highest second-quarter number since the index started in 2008 and the seventh consecutive quarter of year over year improvements.
"Builders and developers for the 55-plus housing sector are feeling optimistic as they are seeing more consumers return to the marketplace," said Robert Karen, chairman of NAHB's 50+ Housing Council and managing member of the Symphony Development Group. "With existing home prices rising, consumers are able to sell their current homes and make the move toward either purchasing a home or renting an apartment that is designed to more specifically suit their lifestyle."
There are separate 55-plus HMIs for two segments of the 55-plus housing market: single-family homes and multifamily condominiums. Each 55-plus HMI measures builder sentiment based on a survey that asks if current sales, prospective buyer traffic and anticipated six-month sales for that market are good, fair or poor (high, average or low for traffic). A number below 50 indicates more builders view conditions as poor than good.
All of the components of the 55-plus single-family HMI showed major growth from a year ago: present sales climbed 24 points to 54, expected sales for the next six months increased 25 points to 60 and traffic of prospective buyers rose 26 points to 48.
The 55-plus multifamily condo HMI posted a gain of 24 points to 43, which is the highest second-quarter reading since the inception of the index.
The 55-plus multifamily rental indices also showed strong gains as present production increased 19 points to 50.
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