55+ housing market remains strong
Those aged 55 or more years continue to show interest in buying single-family homes or condominiums, or renting apartments, according to third-quarter 2015 data from the National Association of Home Builders.
The organization's 55+ Housing Market Index, released Nov. 5, shows that builder confidence in the single-family 55+ housing market remained strong in the third quarter, with a reading of 60, up three points from the previous quarter. This is the sixth consecutive quarter with a reading above 50, which indicates that more builders view conditions as good than poor. The index measures current and expected sales as well as prospective buyer traffic.
“The markets for single-family, apartments and condos are all doing quite well, and we expect that trend to continue,” said Timothy McCarthy, chairman of NAHB's 55+ Housing Industry Council and managing partner of Traditions of America in Radnor, PA.
All three components of the single-family HMI posted increases from the previous quarter. The condo HMI rose seven points to 50, which is the highest reading since the inception of the index in 2008. Present and expected condo sales showed increases, too. All indices tracking production and demand of multifamily rentals posted gains in the third quarter.
“Like the overall housing market, we continue to see steady, positive growth in the 55+ market,” said David Crowe, NAHB chief economist. “With the economy and job growth continuing to improve gradually, many consumers are now able to sell their current homes at a suitable price, enabling them to buy or rent in a 55+ community.”