The Remodeling Market Index reported a reading of 53 in the fourth quarter of 2016, a decrease of four points compared with the RMI in the third quarter of 2016, according to the National Association of Home Builders.
Any RMI above 50 means more than half the remodelers surveyed report market activity is higher compared with the previous quarter.
"Many remodelers are seeing consumers commit to larger, long-term home improvement projects," said 2017 NAHB Remodelers Chair Dan Bawden in a statement. "As Americans are seeing wages and home values rise overall, it gives them greater confidence to go ahead and invest in their homes."
The RMI consists of three components: major additions and alterations fell one point to 53, demand for small remodeling projects decreased four points to 52 and home maintenance and repair dropped five points to 50.
