Housing Market Update Report
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The December 2025 Zelman Housing Market Update provides a comprehensive look at Zelman’s latest forecasts and proprietary survey results across every major housing vertical. The report synthesizes trends in new construction, the resale market, mortgage, demographics, rental markets and building products. Paired with clear analyst commentary and intuitive charts, it offers a grounded perspective on where the U.S. housing market stands today – and where it is heading.
Three key insights you should know:
- Builder activity remains resilient, with incentives and elevated spec supply keeping absorptions healthy even as backlogs sit at cycle lows – while resale inventory continues to rise, though year-over-year growth is now decelerating.
- Rental fundamentals are bottoming, as apartment deliveries finally ease, single-family affordability improves and wage growth continues to outpace rent growth, setting the stage for a gradual recovery across both single-family rentals and multifamily.
- Macro forecasts point to modest improvement, with our 2026-27 forecasts calling for growth in existing home sales, a turn toward stable-to-improving affordability and a return to mild home price appreciation.
About Zelman
Founded in 2007, Zelman is led by Hall of Fame Analyst Ivy Zelman, who is widely respected for her unbiased, in-depth research, insightful analysis, and actionable advice about the housing market and related sectors. Ivy formed Zelman with her partner, Dennis McGill, a colleague at Credit Suisse, and together they have built the industry's most respected team of experts for guiding investors and business leaders toward informed, wise decisions across all areas of housing.
Zelman's research stands apart due to our tenured housing experience, an unparalleled network of executive-level leaders across all sectors, and an acute ability to identify and synthesize developing investment themes. Our proprietary analysis provides insights resulting in superior client advice.
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