Remodeling Market Sentiment Remains in Positive Territory in First Quarter

By Eric Lynch
NAHB – Eye on Housing
April 11, 2024
Category: Finance & Economics
Region: United States

The NAHB/Westlake Royal Remodeling Market Index (RMI) for the first quarter of 2024 posted a reading of 66, down one point compared to the previous quarter. Demand for remodeling remains solid and an RMI of 66 is consistent with NAHB’s forecast for remodeling spending in 2024. Nevertheless, construction costs are still an issue in some places, as rising prices for labor and building materials continue to be major headwinds to faster growth for this sector. …The Remodeling Market Index (RMI) is an average of two major component indices: the Current Conditions Index and the Future Indicators Index. …The Current Conditions Index averaged 74, remaining unchanged from the previous quarter. …The Future Indicators Index was 59, which was also unchanged from the previous quarter.

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