Remodeler Sentiment Holds Steady in Q2
Remodeling Market Sentiment Holds Steady in Second Quarter
On Friday, the National Association of Home Builders (NAHB) released its Q2 NAHB/Westlake Royal Remodeling Market Index (RMI). The measure is based on a survey that asks remodelers to rate various aspects of the residential remodeling market as “good,” “fair,” or “poor.” Responses are converted to an index on a scale from 0 to 100. A reading above 50 indicates a higher proportion of respondents view conditions as good rather than poor.
The RMI for Q2 posted a reading of 65, down one point when compared to Q1. The index remains solidly in positive territory, and the NAHB continues to project that remodeling activity has stabilized at a healthy level in 2024.
Although some remodelers are reporting a slowdown, most continue to see solid demand for remodeling projects. In some markets, elevated interest rates have caused some customers to purchase improvement projects with cash rather than loans. However, this option is only available for wealthier homeowners.
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