The Mamdani Rent Freeze and Its Impact on New York City’s Multifamily Market - Columbia Business School

Major homebuilders are seeing decreasing sales and margins amid buyer uncertainty, but continue to utilize concessions and mortgage rate buydowns to bring in sales. In earning reports this week, PulteGroup, M/I Homes, and NVR, Inc. each shared similar results with shrinking year-over-year numbers. For the third quarter 2026, PulteGroup reported net income of $476 million, a sharp decrease from its net income of $586 million in the same period 2025. NVR showed a similar trend, with its net income for quarter three at $249 million, a 27% decrease from the same period last year. Similarly, M/I Homes saw its net income decrease 37% from last year to $67 million in the third quarter. Revenue and new orders fell were also down year-over-year for all three builders. The declining numbers are reflected in falling builder confidence across the industry. In their October Housing Market Index, the National Association of Home Builders (NAHB) and Wells Fargo found reported that builder confidence in the market for newly built single-family homes fell three points to 29 this month. This is the lowest confidence reading since June 2012, according to NAHB.