Proprietary Research

Unbiased views, bold thinking and a track record for providing professionals actionable insights for guiding business strategies, is what defines Zelman & Associates as the leading housing research firm. What sets us apart is extensive macro and company-specific equity research, exclusive industry surveys, stock recommendations, and the integration of real time data for the apartment REIT, building products, homebuilding, homecenter, mortgage insurance, real estate services, single-family rental and title insurance sectors. Our insights provide help professionals industrywide connect the dots between all aspects of the housing mosaic to form strategies and decisions rooted in confidence.

Research Products & Services

  • Highly-respected macro housing research and forecasts
  • Proprietary survey results of industry executives
  • Stock coverage of 8 sectors, 55 companies
  • Invitation to Annual Housing Summit
  • Access to research analysts
  • Dedicated sales coverage
 

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Single-Family Rental

Macro Housing Quick Take - Existing Home Sales Accelerated But Less Than Anticipated

Oct 22, 2019

Sherwin-Williams - Strong TAG Results Partially Offset By Soft International Markets

Oct 22, 2019

MGIC Investment - Strong Revenue Drives Upside

Oct 22, 2019

The Floor Plan - An Investor's Guide to Rental Housing

Oct 22, 2019

Community by Community - Store Count Still Moving Higher Even After Robust Sales

Oct 22, 2019

PulteGroup - Upside to Consensus, As Expected

Oct 22, 2019

CoreLogic - Riding the Refi Wave Into 3Q19 Earnings

Oct 21, 2019

Apartment Transactions Survey - Cap Rates Stable, Decision to "Buy" Takes Share From "Sell"

Oct 21, 2019

NVR - Great Company, Waiting for a Better Entry Point

Oct 21, 2019

Zelman's Weekly Tape Measure - Week of October 21, 2019

Oct 21, 2019

Portfolio Manager Weekly Z-Cap - Expect Upside to 3Q19 Consensus Expectations for Building Products Suppliers

Oct 18, 2019

NVR - A Solid Quarter, Repurchase Activity Slows Again

Oct 18, 2019

Apartment Survey - Third Quarter Survey Results Reaffirm Moderating REIT Growth

Oct 18, 2019

Macro Housing Quick Take - September Starts Lag Our View; Multi-Family the Big Shortfall

Oct 17, 2019

Building Products 3Q19 Earnings Preview - Fundamental Momentum Emerging; Upgrade IBP to Buy

Oct 17, 2019

Homecenter Survey - On Back of Better Housing, Spending Improving

Oct 17, 2019

Building Products Survey and Company Takeaways - Green Shoots Finally Emerging for Better Revenue Growth

Oct 17, 2019

Beige Book Breakout - Economic Activity Lingering According to Index

Oct 16, 2019

Macro Housing Quick Take - Momentum in NAHB Index Supports Positive View

Oct 16, 2019

MHK Factsheet

Oct 16, 2019

FBHS Factsheet

Oct 16, 2019

AMWD Factsheet

Oct 16, 2019

OC Factsheet

Oct 16, 2019

AFI Factsheet

Oct 16, 2019

SWK Factsheet

Oct 16, 2019

SHW Factsheet

Oct 16, 2019

MAS Factsheet

Oct 16, 2019

IBP Factsheet

Oct 16, 2019

BLD Factsheet

Oct 16, 2019

AWI Factsheet

Oct 16, 2019

Western Markets Report - A Broken Record of Robust Absorption Growth

Oct 16, 2019

Demystifying Multi-Family Supply - AVB Most Burdened, Pipelines Extended Across Many Markets

Oct 16, 2019

Mortgage Survey - Underwriting Tightening as Lenders Reach Capacity

Oct 16, 2019

Mortgage and Title Insurer Earnings Previews - See Upside for the Mortgage Insurers; More In-Line for Title

Oct 16, 2019

Zelman's Weekly Tape Measure - Week of October 14, 2019

Oct 14, 2019

Portfolio Manager Weekly Z-Cap - Another Strong Month for Builders, Lifting 3Q19 Order Outlook

Oct 11, 2019

Homebuilding Survey - Price Appreciation and Starts Growth Beginning to Accelerate

Oct 11, 2019

Raising 3Q19 Builder Order Estimates - Favorable Outlook into Earnings; Buy on Any Weakness

Oct 11, 2019

Multi-Family Market-Level Forecasts - Refreshing Market Forecasts and Introducing 2021 Estimates

Oct 10, 2019

Proprietary Look at Builder Price Points - Entry-Level Share Holds Steady at Highest Level of the Cycle

Oct 10, 2019

Western Markets Report - Growth Surges Against Easing Comparisons

Oct 9, 2019

Turning the Lights on Household Formation - Housing on Strong Footing, but Formation Slightly Delayed

Oct 9, 2019

Invitation Homes - Investor Day Highlights Future Opportunity Backed by Favorable Fundamentals, Raising Fair Value

Oct 7, 2019

Zelman's Weekly Tape Measure - Week of October 7, 2019

Oct 7, 2019

Portfolio Manager Weekly Z-Cap - Non-QM Market Quickly Expanding; Set to Play an Important Role Going Forward

Oct 4, 2019

Jobs and Housing - Job Growth Stabilizes, Wage Growth Accelerates

Oct 4, 2019

Constructing a Non-Residential Picture - Slowing Overall Trends Leading to Heightened Uncertainty

Oct 3, 2019

Lennar - Bull Thesis On Full Display

Oct 2, 2019

Western Markets Report - Year-Over-Year Gains Narrow, But Activity Still Encouraging

Oct 2, 2019

Lennar - Very Strong Quarter

Oct 2, 2019

A Deep Dive on Non-QM Lending - Filling a Void for Underserved Borrowers

Oct 1, 2019

Zelman's Weekly Tape Measure - Week of September 30, 2019

Sep 30, 2019

Portfolio Manager Weekly Z-Cap - Walking Away from 2019 Housing Summit with an Optimistic Tone

Sep 27, 2019

Single-Family Rental Survey - Strong Fundamentals, Historically-High Financing Availability

Sep 27, 2019

Macro Housing Quick Take - As Expected, Upside to August Pending Home Sales

Sep 26, 2019

Real Estate Broker Survey - Sales Activity Remaining Ahead of Last Year

Sep 26, 2019

KB Home - Executing Well With the Wind at Their Back

Sep 26, 2019

Macro Housing Quick Take - Big Jump in New Home Sales Data Another Sign of Strength

Sep 25, 2019

Western Markets Report - Steady, Double-Digit Growth

Sep 25, 2019

Apartment Transactions Survey - Cap Rates Likely Steady, Development Financing Abundant

Sep 24, 2019

2019 Housing Summit Wrap-Up - What a Difference a Year Makes

Sep 24, 2019

Presentation - 2019 Housing Summit

Sep 23, 2019

Zelman's Weekly Tape Measure - Week of September 23, 2019

Sep 23, 2019

Portfolio Manager Weekly Z-Cap - Refreshing Macro Outlook After Strong Start to the Year for Single-Family

Sep 20, 2019

Western Markets Report - Rolling Along

Sep 19, 2019

Macro Housing Quick Take - Across-the-Board Increase in Starts

Sep 18, 2019

Apartment Survey - Survey Suggests Moderation in Pace of Growth for REITs

Sep 18, 2019

Thoughts Ahead of LEN and KBH Earnings - Strong Results Likely, but Mindful of Bullish Expectations

Sep 18, 2019

Masco - Reasonable Outlook Through 2021, Reiterate Buy

Sep 17, 2019

Macro Housing Quick Take - NAHB Index Highlights Strong Fundamental Backdrop

Sep 17, 2019

A Tale of Two Markets - Still-Robust Entry-Level Velocity, High-End Later Cycle

Sep 17, 2019

Building Products Survey Points to Margin Upside - Lifting Estimates for Most of Coverage Universe

Sep 17, 2019

Homecenter Survey - Core Home Improvement Categories Yet to Rebound

Sep 17, 2019

Building Products Survey and Company Takeaways - New Residential Better, and Margins Too

Sep 17, 2019

The Art of Measuring Home Prices - Year-Over-Year Deceleration Nears Stability, Holding Forecasts

Sep 16, 2019

Macro Housing Forecasts - Looking Forward to Strong 2019 Exit Rate

Sep 16, 2019

Zelman's Weekly Tape Measure - Week of September 16, 2019

Sep 16, 2019

Portfolio Manager Weekly Z-Cap - Homebuilding Orders Better Than Typical Seasonality Again!

Sep 13, 2019

Mortgage Survey - Lenders Adding Capacity as Volume Remains Strong

Sep 13, 2019

Raising Builder Valuations on Order Upside - Fair Value Targets Moving Higher by 7%, On Average

Sep 12, 2019

Homebuilding Survey - All Key Data Points Moving in the Right Direction

Sep 12, 2019

Western Markets Report - Another Week of Double-Digit Growth

Sep 11, 2019

Zelman's Weekly Tape Measure - Week of September 9, 2019

Sep 9, 2019

FTC Moves to Block the Merger of FNF and STC - Reducing Price Targets to Reflect Expected Deal Termination

Sep 9, 2019

Portfolio Manager Weekly Z-Cap - Housing Finance Reform Plan Unveiled, but Imminent Changes Unlikely

Sep 6, 2019

Jobs and Housing - Less Robust Employment Growth but Wages Staying Strong

Sep 6, 2019

Mortgage Reform Proposal Released - Likely to be a Catalyst for Targeted Changes to GSEs and FHA

Sep 6, 2019

Hovnanian Enterprises - Wind at its Back, But is That Enough?

Sep 6, 2019

Hovnanian Enterprises - Solid Momentum in Orders, Margin

Sep 5, 2019

Western Markets Report - Strong Sales Activity Continues Through Labor Day Weekend

Sep 5, 2019

Beige Book Breakout - Index Points to Modest Economic Growth; Supports Dovish Fed Stance

Sep 4, 2019

Zelman's Weekly Tape Measure - Week of September 3, 2019

Sep 3, 2019

Portfolio Manager Weekly Z-Cap - Existing Home Market Stronger Than It Looks

Aug 30, 2019

Macro Housing Quick Take - July Pending Sales Understating Market Reality, In Our View

Aug 29, 2019

Realogy Holdings - Loss of Cartus Affinity Partner an Added Headwind for 2020

Aug 29, 2019

Single-Family Rental Survey - Pricing Power Strength Continued From 2Q19 Into July

Aug 29, 2019

Western Markets Report - Solid Activity as Close of Summer Approaches

Aug 29, 2019

Zelman Top Idea Basket - Adding AMWD and Removing EQR

Aug 28, 2019

American Woodmark - Fundamentals Strengthening; Adding to Top Idea Basket

Aug 28, 2019

American Woodmark - Solid 1Q20 Margins and Cash Flow in Soft Volume Setting

Aug 27, 2019
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Presentation - 2017 Housing Summit

Sep 18, 2017

Macro Housing Forecasts - Raising Caution on Higher Rates

Dec 9, 2016

2016 Housing Summit Wrap-Up - Middle Innings of an Extra-Inning Game

Sep 27, 2016

Presentation - 2016 Housing Summit

Sep 22, 2016

Preliminary 2015 Birth Data Released - Growth Moderates for Core Ages, But Strong In Isolation

Jun 6, 2016

Urban Supply Catching Up to Multi-Family Sector - Downgrading CPT, EQR and PPS to Sell

May 10, 2016

Macro Housing Forecasts - Consistency for Housing Despite Macro Swings

Mar 18, 2016

Turning the Lights on Household Formation - Still A Lot of Homes Needed in Coming Years

Mar 9, 2016

Homebuilding Survey - Another Solid Month, Outlook Encouraging

Feb 10, 2016

Homebuilding Survey - A Strong End to the Year

Jan 12, 2016

Macro Housing Forecasts - Single-Family Market Strong, but Less Robust Than Expected

Dec 11, 2015

Presentation - 2015 Housing Summit

Sep 10, 2015

Macro Housing Forecasts - Many Positives but Single-Family Starts Pushed Out

Sep 8, 2015

Turning the Lights on Household Formation - Normalized Level Reached for First Time Since Crisis Began

Aug 17, 2015

Macro Housing Forecasts - Rate Fears Aside, Market Fundamentals Very Strong

Jun 15, 2015

Give the Kids a Break - Young Adults Leaving Home a Strong Housing Tailwind

May 11, 2015

Insuring a Strong Recovery - Our Big Picture View of the Mortgage Insurance Industry

Mar 31, 2015

Macro Housing Forecasts - Strong Start to Year Supportive of Optimistic 2015 Outlook

Mar 16, 2015

Turning the Lights on Household Formation - 2014 Increase Strongest Since 2007, Aided by Young Adults

Mar 4, 2015

Taking a Cut from the Trillion Dollar Market - Dissecting the Brokerage Industry

Jan 20, 2015

Macro Housing Forecasts - A Mixture of Positives and Negatives

Dec 9, 2014

History Repeated - Single-Family REITs Through Eyes of Multi-Family Evolution

Nov 10, 2014

A Path to Housing Nirvana with a Bit Less Drama - Initiating Coverage of FNF, FAF and STC at Buy

Oct 21, 2014

2014 Housing Summit Wrap-Up - Flat for Now, But Optimism for the Future

Sep 22, 2014

Presentation - 2014 Housing Summit

Sep 17, 2014

Macro Housing Forecasts - Existing Closings, Mortgage Revisions Positive While Starts Weaker

Sep 4, 2014

Turning the Lights on Household Formation - Data You Can Trust

Aug 11, 2014

Presentation - June 2014 Client Conference Call

Jun 20, 2014

Macro Housing Forecasts - Don't Bet Against the Young

Jun 20, 2014

Turning the Lights on Household Formation - Strong Momentum Continued into 1Q14

May 30, 2014

Turning the Lights on Household Formation - A Different Angle Confirms Accelerating Demand

May 5, 2014

Presentation - The Great Unwind - The Recovery of Post-Crisis Mortgage Credit

Apr 16, 2014

The Great Unwind - The Recovery of Post-Crisis Mortgage Credit

Apr 15, 2014

Macro Housing Forecasts - Holding Firm on New Construction, Existing Sales Weaker

Apr 11, 2014

Presentation - January 2014 Client Conference Call

Jan 27, 2014

Early Read on Spring Selling Season is Positive - Feedback From Recent Channel Checks...

Jan 27, 2014

Turning Focus to Second Half of Decade - Rolling Out Builder Valuation Framework to 2016

Jan 27, 2014

Macro Housing Forecasts - Reversing 2013 Trend, 2014 A Volume Story Over Price

Dec 13, 2013

Building a Foundation... Sizing Up the Small Caps - Initiating Coverage of TPH, UCP and WCIC at Hold

Oct 22, 2013

Presentation - A Light at the End of the Tunnel - Re-Launching on the Apartment REITs

Oct 15, 2013

A Coiled Demographic Spring - Updating Our Long-Term View of Housing Demand

Oct 14, 2013

A Light at the End of the Tunnel - Re-Launching on the Apartment REITs

Oct 14, 2013

2013 Housing Summit Wrap-Up - Working Overtime in D.C.

Oct 3, 2013

Presentation - 2013 Housing Summit

Sep 24, 2013

Macro Housing Forecasts - Digging Below the Surface

Aug 26, 2013

The Housing Waterfall - The Powerful Employment Multiplier of Housing

Aug 6, 2013

Macro Housing Forecasts - Production Builders Driving Single-Family Recovery

May 28, 2013

Macro Housing Forecasts - Sector Poised for Strongest Growth Since 1983, Aiding Macro

Mar 4, 2013

Silver Bay Realty Trust - NAV Analysis Justifies Buy Rating, Double-Digit IRR

Jan 8, 2013

The New Old Thing - The Economics of Single-Family Rentals

Jan 8, 2013

Macro Housing Forecasts - Entering the Second Leg of Housing Recovery

Dec 10, 2012

2012 Housing Summit Wrap-Up - Thematic Discussions Reinforce Bullish Stance on Housing

Oct 8, 2012

Walk This Way - The Multi-Family Industry's Growing Focus on Walkability

Oct 2, 2012

Presentation - 2012 Housing Summit - Ten Prevailing Themes for Next Year

Oct 1, 2012

The Shrinking Shadow - Home Prices Respond to Supply-Demand Imbalance

Sep 10, 2012

Macro Housing Forecasts - Housing a Tailwind the Economy Needs

Aug 20, 2012

Presentation - Shining a Bright Light on the Shadow

Mar 30, 2012

Shining a Bright Light on the Shadow - Why What's Lurking Doesn't Concern Us

Mar 29, 2012

Macro Housing Forecasts - In the Early Stages of a Recovery...Finally

Feb 21, 2012

Homebuilding Survey - Order Growth Accelerates, Builders Ratchet Back Incentives

Feb 13, 2012

Presentation - Putting More Housing Chips on the Table

Jan 13, 2012

Putting More Housing Chips on the Table - Raising Fair Values Across Our Coverage Universe

Jan 10, 2012

900 Square Feet Only Goes So Far - Pent-Up Demand for Houses from Apartment Renters is Evident

Nov 10, 2011

Living With Mom and Dad - Household Implications of 23 Million "Children" Living at Home

Oct 18, 2011

2011 Housing Summit Wrap-Up - Digging Through It All in Dallas

Sep 26, 2011

Housing Summit Survey Results - Clients and Contacts Offer Economic and Housing

Sep 26, 2011

GSE Foreclosure Rental Strategy - An Opportunity Awaits the GSEs to Aid Housing Recovery

Sep 7, 2011

Macro Sensitivity Analysis Reveals Relative Values

Aug 18, 2011

Presentation - Leasing the American Dream...For Now

Jun 2, 2011

Initiating Coverage of Apartment REITs - Leasing the Apartment REIT Rally

Jun 2, 2011

Leasing the American Dream...For Now - Apartment REIT Macro Analysis

Jun 2, 2011

Presentation - Summary of February 2011 Survey Results

Mar 11, 2011

Macro Housing Forecasts - Upside to Starts, Sorting Through Existing Home Sale Figures

Feb 28, 2011

White Paper or White Noise? - Let the Debates Begin

Feb 14, 2011

Confidence is Contagious - The Consumer's Perception of Housing

Feb 7, 2011

NVR - The Homebuilder In a League of Its Own

Jan 6, 2011

Putting Facts Behind Housing's "Third Rail" - Mortgage Interest Deduction at Risk...

Dec 14, 2010

Mortgage Putback Concerns Picking Up Steam - Exposure Difficult to Quantify, But Overhang...

Oct 19, 2010

2010 Housing Summit Wrap-Up - Touching Everything Housing-Related

Sep 28, 2010

Absolutely Bearish But Relatively Bullish - Framing the Housing and Home Improvement Recovery

Sep 16, 2010

Updating Macro Housing Outlook - Forecasts Tweaked Lower Again

Sep 13, 2010

A Lost Decade for Housing? - Our View on Long-Term Housing Fundamentals

Aug 5, 2010

Muddling Through 2010 - Lowering Macro Housing Assumptions and Builder Valuations

Jun 18, 2010

Foreclosure Pipeline to Govern Home Price Inflation - A Dialogue with Mortgage Servicers and Policy Officials

May 18, 2010

Realistic Housing Growth - Revisiting Macro Housing Assumptions

Apr 26, 2010

Spending About More Than Just Turnover - Confidence Trumps Home Sales

Mar 30, 2010

Initiating Coverage of Homecenters - Zelman Steps Into The Big Boxes With Buy Ratings

Nov 11, 2009

2009 Housing Summit Wrap-Up - How Realistic is Cautiously Optimistic?

Oct 1, 2009

Foreclosures Du Jour - Underappreciated For Sure

Sep 9, 2009

Presentation - July 2009 Survey Summary & Macro Outlook

Aug 10, 2009

Plan Misses the Point Without Principal Reduction

Feb 18, 2009

Presentation - The Consumers' House of Cards - Why the Housing Market Matters Most

Feb 6, 2009

Foreclosures Presenting Unprecedented Conditions - Lowering Housing Outlook Further

Jan 26, 2009

Housing Stimulus is Inevitable - Can Proposed Plans Cure Housing's Woes?

Oct 27, 2008

Will the Government's Plan Save Housing? - Still Many Uncertainties About Plan Specifics

Sep 22, 2008

2008 Housing Summit Wrap-Up - Market Plagued with Uncertainties

Sep 22, 2008

Wonder-Loans - AD&C Next on Tee

Jun 5, 2008

Building Products Initiation - Building Up to a Tough 2008

Nov 19, 2007

Homebuilding Initiation - Down But Not Out

Oct 2, 2007
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