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NAHB: Apartment construction bright spot in 55+ housing market
While demand for for-sale housing in the 55+ housing market remained somewhat flat in the first quarter, the 55+ apartment sector saw a big bump. NAHB’s Housing Market Index for 55+ apartment units rose 10 points to 44 in the first quarter versus the same period last year.
A new survey from the National Association of Home Builders (NAHB) shows builder confidence in the 55+ housing market rose more in the first quarter of 2011 for apartment production and demand than for sales of single-family or condominium homes, according to a piece on the National Association of Home Builders’ website.
The NAHB’s expected demand index for 55+ multifamily rental units rose 10 points, to 44, from a year earlier. The 55+ Housing Market Indices for single-family units and condos declined 2 and 3 points, down to 17 and 8, respectively.
The 55+ single-family HMI calculates builder outlook based on current sales, potential buyer traffic and projected six-month sales for that market. A number higher than 50 indicates that more builders view conditions as good than poor. Among the index components, current sales dropped two points, to 15. Expected sales (six months into the future) dropped six points, to 24. And traffic of prospective buyers fell one point, to 17.
For more information: http://nahb.com/news_details.aspx?newsID=12652
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