55+ housing market returns to record high
Multifamily 55+ activity slows but remains strong.
Builder confidence in the single-family 55+ housing market rose one point in the third quarter of 2019, returning to its record-high reading of 72, according to NAHB’s 55+ Housing Market Index (HMI) released today. This is the highest reading since the inception of the index in 2008.
The 55+ HMI measures two segments of the 55+ housing market: single-family homes and multifamily condominiums. Each segment of the 55+ HMI measures builder sentiment based on a survey that asks if current sales, prospective buyer traffic and anticipated six-month sales for that market are good, fair or poor (high, average or low for traffic).
“The 55+ market has been supported by strong demand as aging baby boomers continue to seek downsized homes, but with higher end features and amenities,” said Karen Schroeder, chair of NAHB’s 55+ Housing Industry Council and vice president of Mayberry Homes in East Lansing, Mich. “While conditions remain positive, headwinds such as labor shortages and rising construction costs are still dampening the market a bit.”
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Source: www.nahbnow.com
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