The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) showed 58 for the third quarter of 2018. The RMI has been above 50 since the second quarter of 2013, showing that more remodelers report higher market activity.

“Remodelers across the country are seeing home owner demand remain strong through the midpoint of the year,” says NAHB remodelers chair Joanne Theunissen. “Both positive home price growth–albeit at a slightly slower rate–and good consumer confidence are supporting the steady remodeling market.”

Current market conditions rose one point to 58. The number is made up of three major components which changed respectively; major additions and alterations rose one point to 56, minor additions and alterations decreased one point to 57 and the home maintenance and repair component rose one point to 60.

Future market indicators remained the same at 59, calls for bids rose two points to 57, amount of work committed for the next three months increased three points to 59, the backlog of remodeling jobs fell four points to 62 and appointments for proposals decreased two points to 59.

“The stability of the RMI reflects offsetting trends in the remodeling market,” says NAHB chief economist Robert Dietz. “A sound economy with low unemployment and easing lumber prices are being counterbalanced by rising interest rates and the ongoing labor shortage.”

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