by Myles Biggs
The National Association of Home Builder’s 55+ single-family Housing Market Index (HMI) recently recorded the highest first-quarter numbers since the index was established in 2008. The 55+ HMI for single-family homes increased 19 points to 46 - expected sales for the next six months also rose 21 points to 53, with an increase of 15 points to 41 recorded in potential buyer traffic. On the multi-family side of things, the 55+ HMI saw an incredible 23 point gain to 38. Expected multi-family sales and traffic of prospective buyers also rose 23 points to 43 and 23 points to 38, respectively.
According to Dr. Paul Emrath, Economist for the National Association of Home Builders: “While demand for new 55+ housing has improved due to a reduced inventory of homes on the market and low interest rates, builders’ ability to respond to the demand is being limited by a shortage of labor with basic construction skills and rising prices for some building materials.”
What may be the best solution to issues regarding skilled construction labor and rising prices in building materials? You guessed it - modular homes.
While members of the stick-built housing movement tend to hire employees and purchase building materials on a job-by-job basis, the modular/system-built philosophy tends to be the opposite. At Ritz-Craft, many of our employees have been with us for over thirty years. Every day they put their decades of knowledge and experience into the homes we build. We can also take advantage of our climate-controlled production environment and order our building supplies in bulk quantities. By buying materials in these larger quantities we are able to save money and better buffer large spikes in the cost of our building materials. These savings are then passed on to home buyers.
Whether you are looking for a 55+ community or looking to downsize to smaller, more custom home, modular housing from Ritz-Craft is the perfect solution.
For more information, feel free to contact us or ask us a question in the comments section below.