The residential real estate market is booming among buyers 55 and older, according to the most recent 55+ Housing Market Index from the National Association of Home Builders. The index – which measures builders’ perceptions of current sales, prospective buyer traffic, and their expectations for the next six months – is scored on a scale where any number above 50 indicates more builders view conditions as good than poor. Third quarter results show a reading of 60, up three points from the previous quarter. David Crowe, NAHB’s chief economist, says the market among baby boomers is strong and should continue to grow. “Like the overall housing market, we continue to see steady, positive growth in the 55+ market,” Crowe said. “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.” This trend, driven by the price increases of the past few years, helps boost home sales but also works to moderate future price increases as more current homeowners put their homes up for sale, building for-sale inventory, and balancing the market. More here.
