Takeaways from BTIG's Annual Housing and Real Estate Conference

Research evidence excerpt

Takeaways from BTIG's Annual Housing and Real Estate Conference

May 12, 2026 Takeaways from BTIG's Annual Housing

and Real Estate Conference

Ryan GilbertHOUSING (212) 527-3524 rgilbert@btig.com

WHAT YOU SHOULD KNOW: We hosted Millrose Properties (MRP, Buy, $35 PT),

Forestar (FOR, Neutral), Century Communities (CCS, Under Review), as well asAND BrightView Holdings (BV, Buy, $16 PT). We updated our thoughts on BV earlier (link).

Takeaways from our meetings with CCS, FOR, and MRP are below:

■ CCS and FOR. Affordability and supply remain key topics. Demand remainsREAL

impacted by affordability and buyers require incentives to hit an acceptable pace.

The management teams noted what we are also seeing from our homebuilder

survey (link) around traffic levels: underlying demand / consumer interest is there

but will likely require lower rates and improved sentiment to unlock. BuildersESTATE

have made some progress reducing finished specs and the commentary suggested

spec inventory was trending toward more of a market or sub-market specific issue

than broad-based headwind. We heard similar commentary relating to multifamily

supply from one of our keynote speakers, who also noted that absorption was

slower than originally expected but that the vacant units could be absorbed dueSERVICES to the cost differential between renting and owning. The comment reinforces our

view that the supply challenge for homebuilders is not just finished spec but a

combination of finished spec, resale, and vacant multifamily inventory. Despite

a tough market, the management teams are not seeing any real distress among

private land sellers or builders which could create attractive opportunities. Capital