The Remodeling Market Index posted a 54 during the first quarter of 2016, a four-point decrease compared with the previous quarter, according to the National Association of Home Builders.
The RMI is the average of a series of components, and a number above 50 means more remodelers report market activity is higher compared with the previous quarter than report it is lower.
The current market conditions component was at 55 for the first quarter of 2016, a one-point decline from the previous quarter. The component recording major additions and alterations increased one point to 55 compared with the previous quarter. The RMI’s smaller remodeling projects component fell two points to 54, and the home maintenance and repair component fell two points to 56.
"Remodelers were solidly booked for jobs in the first quarter of 2016, but calls and appointments for work slowed down in comparison to the end of 2015," said 2016 NAHB Remodelers Chair Tim Shigley in a statement. "Volatility in the financial markets during the first quarter may have impacted consumers' readiness to commit to projects."
