BTIG HomeSphere Monthly Homebuilding Survey

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BTIG HomeSphere Monthly Homebuilding Survey

June 10, 2026 BTIG HomeSphere Monthly Homebuilding

Survey

Ryan GilbertHOUSING May 2026 Survey Results: Sales and Traffic Flat from April, Pricing and (212) 527-3524 rgilbert@btig.com

AND Incentives Worse

WHAT YOU SHOULD KNOW: Our monthly BTIG/HomeSphere Homebuilder Survey

solicits the perspective of approximately 75-150 small- and mid-sized tract and

custom homebuilders nationally about sales, customer traffic, and pricing trends (79REAL

respondents this month). May survey results looked relatively flat m/m after two

months of weakening results. 28% of builders saw higher y/y sales in May, improving

from 24% in April, and 27% saw lower sales vs. 32% in April. Traffic trends were

more mixed as only 20% of builders reported higher y/y traffic, the lowest level sinceESTATE November 2023. We’re keeping a close eye on the traffic results as builders reporting

higher traffic have been in steady decline since February. The traffic results suggest the

cumulative effect of higher rates, and inflation more generally, since February could

be pushing potential buyers to the sidelines. Sales and traffic relative to expectations

were also relatively flat from April. Pricing and incentives weakened somewhat as moreSERVICES builders reported lower prices and higher incentives than in April. Builder commentary

remained subdued in May, with most pointing to a slow spring selling season. Bottom

line: Higher rates, prices, and weaker consumer sentiment appeared to continue to

impact demand in May, requiring higher incentives and lower prices to drive sales. The

incentive and price activity appears to have supported sales despite lower traffic, likely

at the expense of profits given flattish sales vs. expectations.