Remodeling activity remains steady
Yes, home sales are down. Builders are slowing their pace. Mortgage lenders are hunting for business.
But there is one sector of the real estate industry that is holding steady: Homeowners are still tackling remodeling projects.
The Remodeling Market Index put out by the National Association of Home Builders showed that residential remodeling activity increased slighly during the third quarter of this year. Remodeling activity isn’t as strong now as it was during the residential housing boom, of course, but sometimes you have to take your good news when you can find it.
The index this quarter included a in-depth look at the type of outdoor remodeling jobs favored by homeowners. It shows some interesting things. The most popular outdoor remodeling projects in the third quarter were deck jobs, with 52 percent of homebuilders responding to an association survey reporting that they worked on one during the quarter. Other popular outdoor projects included adding porches, which 35 percent of builders said they tackled during the quarter, and building new patios, a project that 25 percent of builders said they took on in the third quarter.
A total of 31 percent of respondents reported that outdoor remodeling work had increased in 2007 compared to the previous year. Of course, that means that more than 60 percent reported that the amount of this work didn’t increase in 2007. But why focus on the negatives, right? There’s enough bad news in the residential housing market already.
