Remodeler Sentiment Inches Higher in Q1
Remodeling Market Sentiment Edged Up in First Quarter of 2023
The National Association of Builders (NAHB)/Westlake Royal Remodeling Market Index (RMI) for 2023Q1 was released on Thursday (4-13-23). According to the report, the RMI for Q1 edged 1 point higher from 2022Q4 to a reading of 70.
The RMI is based on a survey that asks remodelers to rate various aspects of the residential market “good,” “fair,” or “poor.” Responses from each question are converted to an index that lies on a scale from 1 to 100, where an index number above 50 indicates that a higher share view conditions as good rather than poor.
The NAHB says that while remodelers are generally more upbeat than their single-family builder counterparts, some are noting negative effects within the market including continued material shortages and higher interest rates.
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