Conditions for potential homebuyers ages 55 and older improve
Posted on Friday, February 8, 2013 at 3:20:21 PM
Those consumers who are ages 55 and older and looking to move into a single-family house upon retirement may be well positioned to make the move in the coming year. Continuously increasing employment numbers, low residential lending rates and decreasing inventory levels have caused jumps in builder confidence as well as the number of improving housing markets nationwide.
According to the National Association of Home Builders (NAHB), single-family homebuilders who deal in residential units for those age 55 and older have declared their confidence levels have increased 10 points to 28. This jump signifies the fifth consecutive quarter of year-over-year increases. The 55-plus single-family housing market index may still be below 50, but economists have said the recent rise is a significant increase over figures recorded last year. Current sales improved 10 points to 27 and expected sales for the upcoming six months rose 12 points to a level of 38.
Additionally, NAHB noted that 259 metropolitan housing markets nationwide recorded improvements during the month of February. Last month, there were 242 areas listed as improving. A total of 20 metro areas were recently added to the list, with just three regions being removed. To be named on the list, a housing market must exhibit six consecutive months of increasing employment numbers, rising housing permits and appreciating property values.