The National Association of Home Builders (NAHB) released its monthly Improving Markets Index for January. The number of metro areas on the list was up significantly — 242 markets vs. 201 in December. NAHB says the index looks at markets that have improved in housing permits, employment and house prices for at least six consecutive months.
We’re seeing a positive trend in the overall building and remodeling markets, both nationally and locally. Northern Virginia and Washington, DC, residents are realizing that their homes need updated and that they can get a good value by working with a custom remodeler. Pent-up demand is beginning to move forward. Homeowners are ready to do improvements they’ve been wanting. People are working longer into the so-called “retirement” years. They are living longer. They are staying in their homes longer.
The jump in the Improving Markets Index is good news for everyone. Not only will the building industry benefit, but so will the surrounding retail markets – from home furnishings to lighting to accessories. There are 361 total metro markets identified by the NAHB, and having nearly 70 percent of them on the IMI list is a step in the right direction.