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Historical Highs in the Remodeling Sector Holding Steady

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Historical Highs in the Remodeling Sector Holding Steady

The fourth quarter of 2013 was a good one for the remodeling market according to latest National Association of Home Builders’ Remodeling Market Index (RMI). The most recent reading on the index showed that levels of remodeling activity held strong at 57, the same level as Q3 of last year as well as the highest reading since 2004.

A reading over 50 on the RMI means that activity in the sector is reported by more remodelers as higher as opposed to lower. Overall RMI levels average together the ratings of current activity in the remodeling industry with hints of future activity.
Q3 2013’s RMI saw future market conditions at 56, where as Q4 saw a two-point increase to 58 for this component.

Existing home sales are still strong and home buyers are confident because of historically agreeable interest rates. These two things as well as increasing home equity have combined to release some of the demand for remodeling projects over the past several years. This latest reading on the RMI further proves that the steady improvement in the remodeling market will most likely continue to improve in 2014.

Read the full article at NAHB here.

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