Rising home equity sparks move to remodel
Home remodeling saw greater demand in the third quarter as a growth in home equity and home sales prompted more homeowners to tackle remodeling projects, according to the National Association of Home Builders’ home remodeling index.
The remodeling market index moved higher in the third quarter rising two points to 57 – the highest reading since the first quarter of 2004. A reading above 50 indicates that more remodelers are reporting market activity is higher than lower.
“The growth in home equity and home sales prompted homeowners to remodel as they prepare to move or undertake upgrades that they put off during tough times,” said NAHB Remodelers Chairperson Bill Shaw.
All three major components measured in the NAHB remodeling index increased during the third quarter: major additions and alterations, minor additions and repairs, and maintenance and repair.