Zelman Insights

Shift in International Immigration Slows National Population Growth, NY and NJ Growth Most Impacted

February 10, 2026 by Kevin Kaczmarek

Census recently released updated population estimates for the year ending July 1, 2025, showing growth slowed to 0.52%, the slowest since COVID-impacted 2020, driven by a significant deceleration in international immigration. State-level detail showed VT, HI, WV, NM and CA ranking at the bottom, with growth rates of...

Filed Under
demographics homeownership household formation

Building Product Suppliers Enter 2026 Under Price/Cost Pressure

January 29, 2026 by McClaran Hayes

Building products manufacturers are walking a tightrope into 2026, as input costs are still elevated (and in some cases re-accelerating), but the ability to push through pricing remains constrained by a soft residential volume backdrop and increasingly aggressive customer demands.

Filed Under
home improvement

Faith, Not Fundamentals: The Apartment Sector’s Defining Conflict in 2026

January 23, 2026 by Mark Franceski

An important theme for 2026 in the apartment sector will be the conflict between operating fundamentals and the transaction market. On the one hand, optimism abounds for a more liquid transaction market this year as capital allocators have plentiful funds, clear mandates, and a firmly positive stance toward the near-to-medium-term direction of the sector...

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apartments

Housing Policy Takes Center Stage… Carrots and Sticks Galore!

January 16, 2026 by Alan Ratner

It’s been a dizzying start to the year for the homebuilding industry. Since October, President Trump, FHFA Director Pulte and other White House officials have been meeting with homebuilding executives to discuss the country’s housing affordability crisis and what steps the industry and government can take to relieve this burden on potential homebuyers...

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affordability home pricing homebuilding homeownership interest rates mortgage mortgage rates

Cautiously Optimistic on the Main Course for 2026… with a Side of Wage Garnishment

January 08, 2026 by Ryan McKeveny

Looking ahead to 2026 for the housing market and its various subsectors, there are several reasons for optimism. We enter 2026 with mortgage rates at 6.2%, down 75 basis points from a year ago and near the lowest levels since 3Q22. Combined with home price growth that has lagged income growth over the last year – a trend we expect to continue...

Filed Under
affordability home improvement home pricing homeownership interest rates macro housing mortgage mortgage rates

Sumitomo Case Study: How Investment Banking Paved the Way for a Successful $215 Million Multifamily Platform Acquisition

December 08, 2023 by Tony McGill

Zelman Partners, a subsidiary of Walker & Dunlop, recently served as financial advisor to Japanese development company Sumitomo Forestry Co. (“Sumitomo”) on its $215 million acquisition of JPI, a leading developer in Class A and attainable multifamily communities. Building on Sumitomo’s previous acquisition of Crescent Communities in 2018, where Zelman also advised Sumitomo, this transaction catapults Sumitomo to a top-10 apartment developer in the U.S. The transaction closed on November 30, 2023.

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apartments

Student Loan Debt Looming as Affordability Constraints Stretch Further

July 13, 2023 by Alan Ratner

Given a combination of the recent increase in mortgage rates and a reacceleration in home prices over the last three months, the current P&I payment on an average new home stands at roughly $3,000 per month – up nearly 70% from two years ago and 25% above trend line...

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affordability homeownership millennials mortgage rates student debt

Number of Real Estate Agents Drifting Lower, Following Expected Path

May 25, 2023 by Ryan McKeveny

While economy-wide employment trends have remained resilient, headcount for one of the largest professions in real estate – real estate agents – has been drifting lower, as approximated by the membership count of the National Association of Realtors. We estimate that agent count has now decreased on...

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macro housing real estate services

As Housing Employment Adjusts, Retail and Mortgage Origination Quickest to Re-Align

April 25, 2023 by Kevin Kaczmarek

Housing-related employment growth has now lagged overall employment for 22 consecutive months on a year over year basis but, despite the dramatic increase in interest rates over the past year or so, has remained positive at 1.7% as of February, the latest data available...

Are Home Prices Being Viewed With Rose Colored Glasses?

November 02, 2022 by Ryan McKeveny

Earlier this week, CoreLogic released its preliminary national home price index related to September home closings, showing a 50 basis point sequential decline on top of July and August’s decreases of 60 and 100 basis points, respectively. Given the natural lag between pending and closed transactions, the trends imply that underlying price pressure...

Filed Under
affordability home pricing