The market for single-family homes targeted to buyers aged 55 and up is looking better to NAHB builders surveyed for our second quarter 55+ Housing Market Index. The index, released on Aug. 8, showed continuing, strong improvement from a year ago, with a 24-point gain to 53. That’s the highest second-quarter reading since we started the index in 2008, and it marks a seventh consecutive quarter of year-over-year improvement.
All of the components of the 55+ single-family HMI showed major growth from a year ago in this year’s second quarter. The component gauging current sales rose 24 points to 54, while the component gauging expected sales in the next six months increased 25 points to 60 and the component gauging traffic of prospective buyers rose 26 points to 48.
The 55+ multifamily condo HMI also posted a substantial gain, of 24 points to 43, and also marked its highest second-quarter reading since the index was created. All 55+ multifamily condo HMI components rose from a year ago, with the index gauging present sales up 26 points to 44, the index gauging expected sales in the next six months up 26 points to 46, and the index gauging traffic of prospective buyers up 19 points to 38.
The 55+ multifamily rental indices also showed strong gains in the second quarter, with the component gauging present production rising 19 points to 50, the component gauging expected future production rising 20 points to 52, the component gauging current demand for existing units rising 20 points to 62, and the component gauging future demand rising 21 points to 63.