According to National Association of Home Builders (NAHB), during 2013 Q3 the Remodeling Market Index (RMI) rose to the highest reading since 2004 Q1. The RMI rose to 57. A score over 50 shows that more remodelers have reported market activity to be higher compared to last quarter, than lower.
“The growth in home equity and home sales prompted home owners to remodel as they prepare to move or undertake upgrades that they put off during tough times,” said NAHB Remodelers chairman Bill Shaw, GMR, GMB, CGP, a remodeler from Houston.
There was an increase in the RMI’s three major components of the RMI’s current market conditions index: 1) major additions and alterations, 2) minor additions and alterations, and 3) maintenance and repair. Future markets index remained on par with last quarter. All four regions, Northeast, Midwest, West and South had an RMI of over 50.