Posted by Kari on July 20, 2012 13:45
Homeowners were looking to renovate their homes in May, as a new report indicates remodeling activity increased.
According to real estate records released by BuildFax in its Remodeling Index, remodeling projects expanded in the month, rising to a seasonally adjusted annual rate of 2.6 million. That's a 3 percent jump from the previous month's 2.5 million and 6 percent higher than where the rate stood during May 2011.
While the index edged northward overall, it varied on a regional basis. The BFRI in the Northeast rose 3 percent from April and 14 percent year-over-year. Meanwhile, in the South, remodeling activity fell 4 percent on a monthly basis and elevated by just 2 percent from one year earlier.
Joe Emison, vice president of research and development for the construction data firm, noted that while the data suggests less remodeling activity is taking place, on balance it's been more prevalent than last year.
"Remodeling growth appears to be flattening out, although 2012 looks like it will still be significantly better than 2011," said Emison.
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