55+ housing market ends 2016 on record high: NAHB
The 55+ housing market ended the fourth quarter of 2016 on a record high, according to the National Association of Home Builders.
NAHB's 55+ Housing Market Index increased eight points to 67 in the fourth quarter, the highest reading since the inception of the index in 2008, the organization said. The index is based on a survey that asks builders about current sales, expected sales for the next six months and prospective buyer traffic. A reading of 50 or more indicates that more builders view conditions as good than poor, according to the NAHB.
The index for single-family housing increased over the previous quarter for all three measures, although the measure of prospective buyer traffic was at 49. The measures for NAHB's multifamily condo index increased from 51 to 52 for expected sales, fell from 51 to 50 for current sales and decreased from 38 to 35 for prospective buyer traffic.
Homeownership increased in the fourth quarter of 2016 among Americans aged 65 and older, said the NAHB, citing data from the U.S. Census Bureau's Housing Vacancy Survey. The rate among this age group went from 79% in the third quarter to 79.5% in the fourth quarter.
Among those aged 55 to 64 years, however, homeownership decreased slightly, going from 74.9% to 74.8%.