Home remodeling activity increases at end of 2011

Property data compiled by BuildFax indicates there was a spike in home remodeling activity during December, as the firm's index not only reached its highest level of 2011, but also the highest point in the report's history.

Property data compiled by BuildFax indicates there was a spike in home remodeling activity during December, as the firm's index not only reached its highest level of 2011, but also the highest point in the report's history.

On an annual basis, the residential remodeling index rose nearly 23 percent to a reading of 127.4 - considerably greater than the level of 103.7 recorded in December 2010.

Though the index dipped modestly on a month-to-month basis, Joe Emison, vice president of research and development for BuildFax, noted that the decline was "an expected change seen in previous years around the holidays."

Each region of the country saw decreases in the remodeling index on a monthly basis, with the largest drop coming in the Midwest - 13.8 percent - and the smallest slip experienced in the Northeast - 1.3 percent. However, the index hiked in every region except the Northeast year-over-year.

At the end of last year, the National Association of Home Builders reports residential remodeling efforts reached a five-year high, showing many homeowners are preferring to stay put and renovate their homes than search out new properties on the market.



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