1022 ET - Housing starts are expected to moderate in the first half of 2025 as new home supply rises, according to Seaport Research Partners in a note. Analyst Kenneth Zener says the home supply is currently 30% above the long-term average. Seaport forecasts low- to mid-single-digit percentage growth from the largest public builders, and even less growth from private builders. Zener lowers his ratings on Installed Building Products and TopBuild to neutral from buy. He thinks the installer-distributor model is positioned well for inflationary conditions, but recent data is creating uncertainty around unit growth, Zener says. Installed Building Products is off 1.8% and TopBuild slips 2.4% in early trading. (dean.seal@wsj.com)
(END) Dow Jones Newswires
December 13, 2024 10:22 ET (15:22 GMT)
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