NAHB: Remodeler Confidence Rebounds in Second Quarter
Aug 2, 2013
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Confidence in the remodeling market rebounded in the second quarter of 2013, with the Remodeling Market Index (RMI) rising six points to 55, according to the National Association of Home Builders (NAHB).
The rise in existing home sales and increased demand for remodeling projects contributed to the positive report.
"Remodelers are feeling optimistic about the home improvement market during what has turned out to be an uneven recovery," said NAHB Remodelers Chairman Bill Shaw, GMR, GMB, CGP, a remodeler from Houston. "The RMI future market results are especially promising. Not only do remodelers have projects booked for the next few months, but they also have more work coming in the door."
The future market indicators component of the RMI was up from 48 the first quarter of 2013 to 56 in the second quarter.
Current market conditions rose from 50 in the first quarter to 54 in the second quarter of 2013. All future activity indicators--calls for bids, work committed for three months, backlog, and appointments--were over 50 for the first time in eight years.
"Remodelers' positive sentiment is directly related to increased demand for their services. Rising home prices are making remodeling jobs possible for more homeowners while existing home sales provide additional momentum as home owners prepare their homes for market," said NAHB Chief Economist David Crowe.
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