Zonda

New home sales stabilized in September — supported by increased supply, builder incentives, and slightly lower mortgage rates. Our latest New Home Market Update shows: • Sales rose 3.1% month-over-month • Mortgage rates averaged below 6.5% • 40% of top markets were classified as “average” • Entry-level home prices dipped 1.5% “Buyers are still cautious,” says Ali Wolf, Zonda’s Chief Economist. “For consumers to make the largest purchase of their lives, they need a reason to move, adequate affordability, and confidence in where the market is headed.” Read the full national report for more data, market rankings, and builder insights ⬇️

The rules of multifamily are quietly evolving. Rising rates, new supply, and shifting renter expectations are changing how deals get made—and what really drives rent. Kimberly Byrum (formerly Fiala) has spent decades reading these patterns. She looks beyond the headlines, tracking subtle signals most developers miss. Local quirks, amenities, even fees tell a story about demand. In this Inside Edge, she sits down with Tim Sullivan to explain what leaders should notice before the next cycle hits. ➡️ What to watch: • Why amenities don’t always add the value you expect • How submarket stats can hide the real competition • Early trends that could shape the next wave of multifamily

"There is no single national housing market, and that couldn't be truer today." - Ali Wolf

The future of luxury is emotional, not material. At Elevate Miami, Matter Of Form founder and futurist Anant Sharma will explore how the next era of luxury isn’t about ownership. It’s about feeling. Ahead of his keynote, we asked Anant five questions on where luxury is heading—from AI to timeless design, human behavior to sensory living. His answers reframe what it means to build, design, and experience high-resolution living. Read the full feature at ARCHITECT Magazine—and don’t miss Anant live on stage this December: https://lnkd.in/gE5KCFTa Elevate Conference December 8–10, 2025 | Kimpton EPIC Hotel, Miami Register now to join the conversation shaping the future of luxury: https://lnkd.in/gZ2EeUCa

California’s housing market continues to defy easy narratives. Despite talk of an “exodus,” demand remains strong—driven by job growth, population gains, and an economy that’s still among the most dynamic in the country. Our Principal, Advisory, Peter Dennehy, broke it all down during Zonda’s Q4 Housing Market Forecast, from ADU expansion and infill redevelopment to the rise of build-to-rent communities inland. In short: California isn’t slowing down—it’s evolving. 🔗 Read more of his insights below

History doesn’t repeat, but it often rhymes. In the early ‘80s, households delayed moves. The result? A surge in mobility and remodeling. Today, the signals look familiar: • Home equity extraction is rising • Deferred demand is building In the latest Inside Edge, Tim Sullivan sits down with Todd Tomalak to unpack how tariffs, consumer hesitation, and deferred demand are shaping the next wave in housing—and why even marginal improvements could unlock big opportunities.

What drives a leader to reimagine how we live, connect, and play? This week on Inspirational Leadership, Mollie Carmichael sits down with Uri Man, CEO of Lagoon Development Company, whose bold vision is bringing beachfront living inland and redefining what it means to build community. 🎧 Read below or listen here: https://lnkd.in/gDsVbV-n

Health care jobs are reshaping local housing markets. The U.S. added 46,800 health care jobs in August, accounting for nearly all private-sector gains. And as this sector expands, so does its influence on local housing demand. Markets with a higher share of health care jobs tend to hold steadier demand — providing a stronger buyer base even when other sectors slow. Philadelphia, New York, and L.A./Orange County lead in total employment, while smaller metros like Tucson, Sarasota, and Port St. Lucie see outsized effects from large retiree populations and elevated need for care services. In contrast, the Carolinas — among the nation’s fastest-growing housing markets — have some of the lowest shares of health care employment nationally (Charlotte 9.3%, Myrtle Beach 9.4%, Charleston 10.0%), suggesting their momentum relies more on migration and lifestyle than local job strength. Utah and California stand out for growth. Salt Lake City (10.5%) and Provo (9.0%) recorded the fastest annual increases in health care and social assistance employment, while Stockton, Sacramento, San Jose, and San Diego all ranked among the top ten for year-over-year growth. With many health care roles offering steady, mid-range wages, the sector continues to support the critical middle tier of homebuyers — helping sustain demand as affordability challenges persist.

I just wrapped up a busy month where I had the opportunity to give market presentations for Zonda clients and industry groups in Austin, DFW, Houston, and San Antonio. What I love most about being with clients is hearing what is top of mind for them. Often times what we hear in these conversations is ahead of what we are seeing in the data. While we can see the impact of buyers sitting on the sidelines in sales numbers or slowing job growth in monthly job reports, the last two points on the list below should be watched as we move into 2026: *Is a drop in mortgage rates all the new home market needs to stabilize? Or, does consumer confidence (or a lack of confidence) outweigh a drop in rates? Stephen S. Kim had a great point in some of his recent research - we have a lack of demand and not a lack of supply problem. * What will margins look like next year? Pricing power is limited, incentives are expensive, and the land basis for new communities is significantly higher. Builders have real concerns about margins in some upcoming new home communities vs. legacy communities with lower land costs. The silver lining I see in Texas is builders don't have their blinders on. They aren't aggressively building through choppy market conditions. They are slowing starts to sell through inventory (which remains low). This will allow markets to rebound quickly as market conditions strengthen. Ali Wolf Tim Sullivan Keith Hughes Kyle Cheslock CiAnn Blue Rachael Edgerly Benjamin Bollman, MSRE Budd B. Tranica Wills, MBA Junell DuBois Kristin Sheehan Erica Sinner