Homebuilders 2025 Outlook: ‘More Cautious, Less Constructive,’ Analyst Says
JPMorgan analysts delivered a grim outlook for homebuilders on Friday as the firm moves to a “more cautious, less constructive” approach toward the industry.
The JPMorgan analysts, led by Michael Rihault, gave multiple reasons for the shifted 2025 outlook. Renault pointed to several key housing demand drivers, including affordability, interest rates and employment growth, as unlikely to improve significantly in 2025.
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The level of existing homes for sale is rising in many key markets. New home supplies remain plentiful, the analyst noted. As a result, Rihault sees growth in home prices to moderate over the next year, slowing to a flat to slightly …
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