Homebuilder Heatmap – June 2026: Different Sales-over-Supply Trends Among Segments: Different Sales-over-Supply Trends Among Segments

Research evidence excerpt

Homebuilder Heatmap – June 2026: Different Sales-over-Supply Trends Among Segments: Different Sales-over-Supply Trends Among Segments

Equity Research

15 July 2026 | 5:14PM BRT

BRAZIL

Homebuilder Heatmap - June 2026: Different Sales-over-Supply Trends

Among Segments

Notable trends: Sao Paulo Sales over Supply shows different trends by price Jorel Guilloty

+55(11)3372-3522 |

points; data also hints at operational preview performance trends. We see flat jorel.guilloty@gs.com

Goldman Sachs do Brasil CTVM S.A.

SoS on a m/m basis for the city of Sao Paulo. At the same time we did see

Igor Machadoimprovements at certain price points, notably at the extremes – i.e., below R$270k +55(11)3372-0227 |

per unit and above R$5 mm. Performance for other segments mostly showed igor.machado@gs.comGoldman Sachs do Brasil CTVM S.A.

declines or were flat with R$ 600k-1.0 mm units increasing 140 bps to 5.5% as an

exception. We see that our Secovi data overall points to similar trends that we saw in

our 2Q26 preview of our coverage universe. Analyzing May data on a trailing

3-month basis and comparing to 1Q26, we saw low income (R$275-400k) with SoS

decreasing 166 bps from to 28.6%. This corroborates with all the low income

homebuilders SoS decreases that we saw (please see our review for Cury, Tenda,

Direcional and MRV). On the high income the dynamics are more nuanced. While we

saw units from R$1.0-5.0 mm decreasing 70bps m/m, apartments above R$5mm

increased 180bps to 5.2%. This corroborates with Cyrela numbers, as high income

segment saw a 90bps decrease q/q to 10.7% while channel checks with the company

pointed to a strong sales performance for the latest luxury launches projects.

Stock pricing trends. Brazilian homebuilders saw another mixed month, but with a