Release Date:
The National Kitchen & Bath Association released the results of its Kitchen and Bath Market Report for the third quarter, reflecting a rise in showroom traffic and an increase in kitchen and bath remodels from one year ago.
In the third quarter, showroom visits increased 8 percent over the previous quarter, a 42 percent increase over the previous year's traffic. While the volume of bathroom remodeling sales declined 9 percent from the second quarter, results showed an 85 percent increase in bathroom sales volume compared to one year ago. Kitchen remodeling sales also declined from the previous quarter, but were up 36 percent from a year ago.
Both kitchen and bath remodeling prices rose compared to the previous quarter, up 7 percent and 30 percent, respectively. Compared to a year ago, kitchen and bath remodeling prices were higher by 16 percent.
“Although optimism seems to be taking a hit, the numbers today from a year ago are encouragingly higher, ranging in increase from 4 to 85 percent higher on various points,” said Bill Darcy, executive vice president of NKBA. “The volatility of the third quarter is balanced by the overall increased consumer traffic, sales volume and remodeling prices in the past year.”
The NKBA Kitchen and Bath Market Index, which measures the confidence of kitchen and bath dealers on a scale of -60 to +60, is at +9 for the third quarter, indicating kitchen and bath dealers expect only slight growth in the market through the fourth quarter.
To download a full copy of the report, please go to www.nkba.org.