Recent findings from the National Association of Home Builders 55+ Housing Market Index show that the housing market is booming among buyers aged 55 and older. The index - which looks at what builders think about current sales activity, the amount of current buyers looking and their outlook over the next six months - is calculated by a score above 50 indicated conditions are favorable. Results of the 3rd quarter show a score of 60, and increase of 3 points from quarter two.
NAHB’s chief economist David Crow believes the real estate market as far as baby boomers, is strong and growth is expected to continue. Mr. Crowe said, “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.”
The trend, mostly driven by increases in pricing over the last several years, helps boost sales of homes as well as keep future price increases in check as more homeowners put their homes for sale, increasing the inventory and keeping the housing market in balance.