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The Remodeling Market Index (RMI) held steady at 57 in the fourth quarter of 2013, the highest reading since the first quarter of 2004, according to the National Association of Home Builders (NAHB).
“The remodeling industry ends 2013 on a high note as remodeler confidence holds steady at a historically high level,” said NAHB Remodelers Chairman Bill Shaw, GMR, GMB, CGP, a remodeler from Houston. “We expect to keep this positive momentum going in 2014 as more home owners will continue to take on remodels and repairs that had been postponed in the downturn.”
The current market conditions component of the RMI declined two points to 56 this quarter.
“Steady existing home sales, historically favorable interest rates for home buyers and rising home equity have combined to release some of the pent up demand for home remodeling from the past few years,” said NAHB Chief Economist David Crowe. “This quarter’s RMI reading shows that the slow but steady improvement in the remodeling market will continue in 2014.”
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