Mid-Year in Review: 30 charts that tell the 2026 housing story so far

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Mid-Year in Review: 30 charts that tell the 2026 housing story so far

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Homebuilders

Mid-Year in Review: 30 charts that tell the

2026 housing story so far

Industry Overview

Key themes that defined homebuilders so far in 2026 01 July 2026

We highlight key themes that defined homebuilders in 1H26 using 30 charts. Equity

United States

Homebuilders slightly underperformed the market Homebuilders

The S&P Composite 1500 Homebuilding Index (S15HOME) rose ~6% vs. +9% for the S&P

500 (Exhibit 1) but stocks have been volatile. Average homebuilder 2026 EPS estimates RafeResearchJadrosichAnalyst

for companies under our coverage have declined ~18% since early 2026. Relative stock BofAS

+1 646 855 5815

performance was largely driven by estimate revisions. Valuations are slightly below the rafe.jadrosich@bofa.com

long-term average on price-to-book (Exhibit 15) and above average on price-to-earnings Victoria Piskarev

(Exhibit 16). Research Analyst

BofAS

Homebuilder M&A accelerated +1victoria.piskarev@bofa.com646 855 0657

Consolidation continues led by major acquisitions of public homebuilders by Sumitomo Shaun Calnan, CFA

Forestry (Tri Pointe Homes) and Berkshire Hathaway (Taylor Morrison) (Exhibit 2). Research Analyst BofAS

+1 646 855 1362

Home price appreciation still muted; Inventory elevated shaun.calnan@bofa.com

Existing inventory reached its highest level since 2019 (Exhibit 6), while vacancy rates

also increased (Exhibit 7). New home prices are (2%) lower resale vs. the historical 15- Related Research

20% premium for new homes (Exhibit 4 and 5).

Regional divergence persists; Population growth slowing Homebuilders and Building Products: 2026 Housing Symposium: What did we learn?

Prices declined in Texas, while Midwest, Mid-Atlantic, and Northeast gained.