Builders are less confident in the 55+ market, according to new index data from the National Association of Home Builders.
In the third quarter, the single-family 55+ Housing Market Index decreased to 60, losing seven points, though the NAHB points out that the reading still conveys a feeling of good conditions overall. Each of the three components for the single-family 55+ HMI decreased in the quarter, as current sales also decreased by seven points to 66, future sales decreased 12 points to 65, and buyer traffic fell four points to 43.
NAHB produces two 55+ HMIs: one for the single-family market and another measuring builder confidence in the multifamily condominium market. 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).
Advertisement
Related Stories
Townhomes
Townhome Construction Gains in Popularity as Buyers Seek Medium-Density Housing
Townhouses made up 18% of single-family housing starts during Q1 2024
Housing Markets
5 Housing Markets That Would See a Huge Increase in Homeownership if Mortgage Rates Dropped
Spokane, Wash., would experience an 11.4% increase in affordability if rates dropped to 6%
Housing Markets
Spring Housing Markets: Which Markets Saw the Most Appreciation, and Which Saw the Least?
Florida metros saw the weakest appreciation of all housing markets in the US
