Current sales, prospective buyer traffic and anticipated six-month sales for the 55+ housing market showed continued improvement in the third quarter of 2013 compared to the same period last year, according to the National Association of Home Builders (NAHB) Housing Market Index (HMI). The single-family index rose 14 points to 50, which is the highest rate the index has achieved since it began in 2008. Any number below 50 indicates builder sentiment is poor rather than good. Similarly, the multifamily condo index registered a gain of 14 points to 37, also the highest reading for the third quarter since 2008. The 55+ multifamily rental indexes also showed strong gains in Q3 2013. NAHB Chief Economist David Crowe says, “Right now the positive year over year increase in confidence by builders for the 55+ market is tracking right along with other segments of the home building industry,” as MHProNews has learned.
(Image credit: GRO Architects–Jackson Green, Jersey City New Jersey proposed multifamily units)