WASHINGTON—The highest first-quarter number for the 55+ single-family Housing Market Index (HMI), created by the National Association of Home Builders’ (NAHB), was recorded since the creation of the index in 2008. Gains were also seen in the 55+ multifamily condo HMI and 55+ multifamily rental indices in the first-quarter of 2013.
“The strong year over year increase in confidence reported by builders for the 55+ market is consistent with year over year increases in other segments of the home building industry,” said NAHB Chief Economist David Crowe. Builders and developers both have expressed increased optimism for the market as well as increased demand for homes and communities that address the needs of the 55+ homebuyer or renter.
All of the components of the 55+ single-family HMI showed significant growth from a year ago: present sales climbed 19 points to 46, expected sales for the next six months increased 21 points to 53 and traffic of prospective buyers rose 15 points to 41. The 55+ multifamily condo HMI posted a gain of 23 points to 38, and the 55+ multifamily rental HMI showed present production gains of 12 points to 43.
More information about the NAHB 50+ Housing Council, HMI or NAHB itself can be found here.