Remodeling Activity Reaches Record Levels According to BuildFax Remodeling Index for June
Real Estate Index Provides Only Source of National Residential Remodeling Data;
June Data is Highest to Date Since Index Began Tracking Data in 2004
Austin, TX – August 15, 2011 – (RealEstateRama) — Today BuildFax unveiled its BuildFax Remodeling Index (BFRI) for June 2011 and it shows that even as the economy continues to struggle and home sales sag, the remodeling industry continued to be a bright spot from coast to coast. The index shows that June 2011 became the month with the highest level of remodeling activity since the Index was introduced in 2004.
Today’s report reveals continued month-over-month gains for most regions of the country, with data demonstrating that consumers are continuing to invest in remodeling, even as the stock market dips and unemployment remains high.
June Signifies 20 Consecutive Months of Industry Growth
The latest BFRI, detailing remodeling activity from June 2011, indicates that residential remodeling activity registered the 20th-straight month of year-over-year gains, demonstrating that many Americans are continuing to remodel their current homes, rather than purchasing new homes.
The BFRI is the only source directly reporting residential remodeling activity across the nation with monthly information derived through related building permit activity filed with local building departments across the country. This monthly report provides month-over-month and year-over-year comparisons on trends in remodeling activity for the entire United States, as well as for the four major regions of the country: Northeast, South, Midwest, and West.
All Regions of the Country See Month-over-Month Gains, except Northeast:
The June 2011 index rose 23 percent year-over-year—and for the 20th straight month—in June to 129.5, the highest number ever in the index to date.
“The first half of 2011 brought pain to many sectors of the economy including home sales and jobs, however Americans continue to invest in remodeling, sending the BuildFax Remodeling Index to a new all-time high,” said Joe Emison, Vice President of Research and Development at BuildFax. “With so many Americans unable to sell their current home, it is apparent that they are planning on staying in their current residences and are making renovations and upgrades.”
Historic index values (going back to early 2004) are available for purchase from http://index.buildfax.com/.
In June, the West (7.3 points; 6%), the Midwest (11.2 points; 13%), and the South (< .1 points; < 1%) all had month-over-month gains, while the Northeast saw a decline (3.7 points; 4%). On the bright side, the Northeast was up 1.6 points (2%) from June of 2010, as was the West (24.4 points; 24%) and the South (7.6 points; 8%). The Midwest was down slightly year-over-year (1 point; 1%), but much less so than last month (10.6 points; 11%).
BuildFax in the News:
To help consumers know detailed information about the “life story” of their new home, BuildFax recently announced that it has extended its offer of access to free BuildFax Buyer’s Reports, which include relevant permit data regarding key upgrades and repairs made to the property, simply by searching for an address.
A BuildFax Buyer’s Report provides comprehensive information that allows both buyers and sellers to “see within the walls” like never before. The reports, previously only available to industry professionals, are available for free at www.BuildFax.com/freereport. The free trial offer runs until August 31, 2011. After that date, reports will be available for $39.99 each. BuildFax tracks building, remodeling and repair data on over 70 million homes nationwide and offers this data in these easy to read reports.
About BuildFax (www.buildfax.com):
BuildFax, a division of BUILDERadius, is the creator of the first and only national database of historical building permit data. Co-headquartered in Austin, Texas and Asheville, North Carolina, BuildFax has created a proprietary property intelligence engine that contains building and permitting information from 4,000+ cities and counties throughout the country. Local building departments in each of these towns across the country inspect construction to make sure it meets quality and safety standards; as such it is an absolutely critical part of the public safety infrastructure. BuildFax is then able to consolidate this information into the dataset, which is a tremendous asset to professionals in the insurance, financial services, inspection, and appraisal industries, as well as buyers and sellers of property. As the best and only source of a structure’s “life story,” the BuildFax database continues to grow, currently covering over 60 percent of the U.S. commercial and residential building stock with 6 billion data point.
For press interested in learning more contact:
Glenn Mandel
Red Fan Communications
Cell phone: 704-301-3476
