Millennials and first-time homebuyers are spending a lot more on renovations

That’s a positive for confidence in the housing market, according to the annual Houzz & Home Survey on residential remodeling.

“It’s a pretty strong reflection of the housing market condition,” Nino Sitchinava, principal economist at Houzz, told CNBC. “The home renovation market has mostly recovered, and is in line with the prerecession peak.”

Still, those 55 and older continue to outspend millennials, nearly three times as much. Overall, homeowners who renovated last year spent an average of $60,400, about in line with the $59,800 on average in 2015, showed the survey from Houzz, an online platform for home renovation and design.

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