# Housing & construction macro thread

Informational only - not investment advice.

Housing prices, new-home sales, ownership/vacancy rates, and construction spending from Census and HUD public data.

As of: 2026-04-01
Related topic page: /skills/housing-construction.html

This page is a data-driven assembly of existing grepcent indicators, SIC crosswalks, SEC company financials, and sanitized SEC MD&A text. The mapped sectors are grepcent descriptive editorial mappings, not forecasts, recommendations, or investment advice. Company inclusion is mechanical - largest by revenue in the mapped SIC sectors - and is not a recommendation, endorsement, or an assessment of any company's exposure to this theme.

Sector mapping is coarse (SIC level) and does not imply a company's business is driven by this theme; keyword matches are literal and may be incidental - read the linked filing for context.

## Macro Side

| Indicator | Latest reading | Units | As of | Source |
| --- | ---: | --- | --- | --- |
| [MSPUS](/indicator/MSPUS/) - Median Sales Price of Houses Sold for the United States | 403200 | Dollars | 2026-01-01 | https://fred.stlouisfed.org/series/MSPUS |
| [HSN1F](/indicator/HSN1F/) - New One Family Houses Sold: United States | 622 | Thousands, seasonally adjusted annual rate | 2026-04-01 | https://fred.stlouisfed.org/series/HSN1F |
| [RHORUSQ156N](/indicator/RHORUSQ156N/) - Homeownership Rate in the United States | 65.3 | Percent | 2026-01-01 | https://fred.stlouisfed.org/series/RHORUSQ156N |
| [TTLCONS](/indicator/TTLCONS/) - Total Construction Spending: Total Construction in the United States | 2.1724e+06 | Millions of Dollars, seasonally adjusted annual rate | 2026-04-01 | https://fred.stlouisfed.org/series/TTLCONS |
| [RRVRUSQ156N](/indicator/RRVRUSQ156N/) - Rental Vacancy Rate in the United States | 7.3 | Percent | 2026-01-01 | https://fred.stlouisfed.org/series/RRVRUSQ156N |

## Mapped SIC Sectors

Mapped from the existing topic crosswalk, refined where needed to SIC major-group scope for company selection.

- [Building Construction General Contractors And Operative Builders](/major-group/15/): SIC division 15
- [SIC Major Group 16](/major-group/16/): SIC division 16
- [SIC Major Group 17](/major-group/17/): SIC division 17
- [Real Estate](/major-group/65/): SIC division 65

## Largest Companies in Mapped Sectors (by revenue)

Companies are selected from the mapped SIC sectors and sorted by latest reported annual revenue (from SEC companyfacts). Missing metrics are left blank. MD&A signals are keyword matches against the sanitized latest 10-K MD&A text. Keywords scanned: housing market, home prices, residential construction, homebuilding, mortgage rates.

| Company | Revenue | FY | Net margin | Operating margin | Revenue growth | MD&A mentions | Verbatim MD&A excerpt |
| --- | ---: | ---: | ---: | ---: | ---: | --- | --- |
| [CBRE](/company/CBRE/) - CBRE GROUP, INC. | 40,550,000,000 | 2025 | 2.85% | 4.32% | 13.37% |  | No keyword match found in emitted latest 10-K MD&A. |
| [DHI](/company/DHI/) - HORTON D R INC /DE/ | 34,250,400,000 | 2025 | 10.47% |  | -6.93% | housing market, home prices, homebuilding, mortgage rates | "As a result, the value of our net sales orders and homebuilding revenues in fiscal 2025 decreased 6% and 7%, respectively, compared to fiscal 2024, and our home sales gross margin decreased to 21.5% as we increased sales incentives, such as buydowns of mortgage rates for our homebuyers." (verbatim sentence from DHI latest 10-K MD&A, filed 2025-11-19; https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/dhi-20250930.htm) |
| [LEN](/company/LEN/) - LENNAR CORP /NEW/ | 34,186,934,000 | 2025 | 6.08% |  | -3.54% | housing market, home prices, homebuilding, mortgage rates | "Lennar’s fourth quarter and year-end 2025 results reflect what is and continues to be a difficult housing market." (verbatim sentence from LEN latest 10-K MD&A, filed 2026-01-28; https://www.sec.gov/Archives/edgar/data/920760/000162828026003870/len-20251130.htm) |
| [PWR](/company/PWR/) - QUANTA SERVICES, INC. | 28,479,697,000 | 2025 | 3.61% | 5.66% | 20.31% |  | No keyword match found in emitted latest 10-K MD&A. |
| [JLL](/company/JLL/) - JONES LANG LASALLE INC | 26,115,600,000 | 2025 | 3.03% | 4.20% | 11.45% |  | No keyword match found in emitted latest 10-K MD&A. |
| [PHM](/company/PHM/) - PULTEGROUP INC/MI/ | 17,311,953,000 | 2025 | 12.82% |  | -3.54% | housing market, homebuilding | "Our Homebuilding operations represent our core business." (verbatim sentence from PHM latest 10-K MD&A, filed 2026-02-04; https://www.sec.gov/Archives/edgar/data/822416/000082241626000007/phm-20251231.htm) |
| [EME](/company/EME/) - EMCOR Group, Inc. | 16,986,422,000 | 2025 | 7.49% | 10.09% | 16.62% |  | No keyword match found in emitted latest 10-K MD&A. |
| [FLR](/company/FLR/) - FLUOR CORP | 15,503,000,000 | 2025 | -0.33% | -2.44% | -4.98% |  | No keyword match found in emitted latest 10-K MD&A. |
| [MTZ](/company/MTZ/) - MASTEC INC | 14,299,171,000 | 2025 | 2.79% |  | 16.22% |  | No keyword match found in emitted latest 10-K MD&A. |
| [J](/company/J/) - JACOBS SOLUTIONS INC. | 12,029,783,000 | 2025 | 2.41% | 7.18% | 4.60% |  | No keyword match found in emitted latest 10-K MD&A. |
| [TOL](/company/TOL/) - Toll Brothers, Inc. | 10,966,723,000 | 2025 | 12.28% | 15.69% | 1.11% | mortgage rates | "If we are unable to raise sales prices enough to compensate for higher costs, or if mortgage rates increase significantly, affecting prospective buyers’ ability to adequately finance home purchases, our home sales revenues, gross margins, and net income could be adversely affected." (verbatim sentence from TOL latest 10-K MD&A, filed 2025-12-19; https://www.sec.gov/Archives/edgar/data/794170/000079417025000112/tol-20251031.htm) |
| [NVR](/company/NVR/) - NVR INC | 10,323,959,000 | 2025 | 12.98% |  | -1.91% | home prices, homebuilding | "We expect this weak demand environment may continue to weigh on home sales, home prices and gross margins during 2026." (verbatim sentence from NVR latest 10-K MD&A, filed 2026-02-11; https://www.sec.gov/Archives/edgar/data/906163/000090616326000018/nvr-20251231.htm) |
| [CWK](/company/CWK/) - Cushman & Wakefield Ltd. | 10,288,200,000 | 2025 | 0.86% | 4.40% | 8.91% |  | No keyword match found in emitted latest 10-K MD&A. |
| [FIX](/company/FIX/) - COMFORT SYSTEMS USA INC | 9,101,641,000 | 2025 | 11.23% | 14.44% | 29.52% |  | No keyword match found in emitted latest 10-K MD&A. |
| [TMHC](/company/TMHC/) - Taylor Morrison Home Corp | 8,121,480,000 | 2025 | 9.63% |  | -0.57% | homebuilding | "Our principal business is residential homebuilding and the development of lifestyle communities with operations across 12 states." (verbatim sentence from TMHC latest 10-K MD&A, filed 2026-02-18; https://www.sec.gov/Archives/edgar/data/1562476/000162828026009030/tmhc-20251231.htm) |