With the real estate market continuing to recover, builders have remained confident, according to the National Association of Home Builders.
NAHB"s 55-plus Housing Market Index showed the index tripled compared to last year. It currently sits at 36, up from 12 in the third quarter of 2011. This is the highest third quarter reading in the index's history.
"Many builders and developers in the 55-plus housing segment are reporting an increase in demand from consumers," said NAHB 50-plus housing council chairman W. Don Whyte.
Whyte added that certain parts of the country have seen people moving off the fence and buying a home or renting an apartment that more suits the needs or their lifestyle.
David Crowe, NAHB chief economist, said he expects the improvements to continue but the speed could be limited by tight mortgage credit.
However, those who do qualify for a loan are able to take advantage of near record low rates. According to Freddie Mac, 15-year fixed-rate mortgages averaged 2.73 percent in the week ending November 8, while 30-year FRMs averaged 3.4 percent.