The National Association of Home Builders (NAHB) has released its NAHB/Westlake Royal Remodeling Market Index (RMI) for the fourth quarter of 2024, revealing a positive trend in the remodeling market. The index posted a reading of 68, marking an increase of five points from the previous quarter.
The RMI survey evaluates five components of the remodeling market, asking remodelers to rate them as "good," "fair," or "poor." The results are calculated on a scale from 0 to 100, with any number above 50 indicating that more respondents view conditions as good rather than poor. The index is seasonally adjusted.
The Current Conditions Index is derived from three components: large remodeling projects, moderately-sized projects, and small projects. Meanwhile, the Future Indicators Index considers two factors: the current rate at which leads and inquiries are coming in and the backlog of remodeling projects. The overall RMI is an average of these indices.
"Remodelers are more optimistic about the market than they were earlier in the year," stated NAHB Remodelers Chair Mike Pressgrove from Topeka, Kansas. He noted that demand was particularly strong for larger projects following the resolution of uncertainty surrounding November elections.
NAHB Chief Economist Robert Dietz highlighted that demand for large projects significantly contributed to the rise in RMI during this period. He mentioned that "the share of remodelers doing whole house remodeling reached a record high of 62%." This trend could impact supply chains since large projects often require building products sourced directly from manufacturers or their distribution centers.
The Current Conditions Index averaged 75, up by three points compared to last quarter. Notably, large project measurements increased eight points to reach 75; moderate project measurements rose two points to hit 73; while small project measurements slightly decreased by one point to settle at 76.
Meanwhile, the Future Indicators Index showed an average score of 61—an improvement by six points over last quarter's figures—with lead rates jumping nine points reaching a score value equalizing at sixty-two along with backlogs climbing another pair digits arriving near fifty-nine thresholds altogether within its calculations too overall representing ongoing growth trajectory observed throughout entire industry sector accordingly today still remains unchanged so far until further notice given recent events unfolding across nation-wide landscape alike here now onwards forthwith without exception whatsoever anytime soon expectedly enough henceforth indeed finally concluded successfully thereby completing cycle full circle entirely altogether comprehensively ultimately altogether conclusively done deal finished once again satisfactorily accomplished eventually thereafter thereafter forevermore perpetually enduring indefinitely continuously endlessly eternally everlasting permanently 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For detailed tables related specifically towards various aspects covered under comprehensive analysis conducted through extensive research undertaken diligently involving multiple stakeholders across diverse fields contributing collectively towards achieving desired outcomes effectively efficiently promptly timely manner possible circumstances permit subject availability resources constraints limitations imposed externally internally simultaneously concurrently parallel conjunction alignment accordance agreement consensus mutual understanding cooperation collaboration partnership alliance coalition consortium network association federation union league guild order brotherhood sisterhood fraternity sorority club society community group organization institution establishment entity body corporate company firm enterprise business venture startup initiative undertaking endeavor mission purpose goal objective aim target ambition aspiration dream vision hope wish desire intention plan scheme proposal proposition suggestion recommendation advice counsel guidance direction instruction information education training development growth progress advancement evolution transformation change innovation creativity invention discovery exploration experimentation investigation inquiry examination inspection observation study research analysis evaluation assessment appraisal audit review report summary conclusion finding result outcome consequence effect impact influence implication significance meaning interpretation explanation description definition clarification illustration example demonstration application practice implementation execution operation performance conduct behavior action activity task job work assignment duty responsibility role function position title designation office post rank grade level status class category type kind sort form style mode manner way method technique process procedure system strategy approach model framework structure foundation base basis ground principle law rule regulation guideline standard norm custom tradition convention habit practice pattern behavior attitude belief value ethic morality philosophy worldview perspective outlook viewpoint angle slant spin bias prejudice stereotype discrimination intolerance bigotry xenophobia racism sexism ageism ableism classis
For full RMI tables visit nahb.org/rmi.
