Housing and Building Products
Housing and Building Products
Housing and Building Products at a glance
Structural signals from the latest reported years. The four middle tabs keep builders, products, Ferguson, and HVAC separate.
- •Census 2025 starts: 1,358,700 units, down 0.6%. Single-family 943,000, down 6.9%.
- •Freddie Mac 30-year fixed averaged 6.65% in the week of August 20, 2026.
- •D.R. Horton closed 84,863 homes. Lennar delivered 82,583. Combined builder pile on this page is $96.1B of latest-year revenue.
- •Ferguson FY2025 net sales $30.8B, 95% United States, about half residential and about two-thirds RMI.
- •Lennox Home Comfort $3.34B, down 7%. Building Climate $1.85B, up 5%.
- •Builders FirstSource $15.2B, down 7.4%. Lumber and sheet goods were 25.5% of sales.
- •Home Depot and Lowe's stay on Retail. Timber REITs stay on REITs.
Headline numbers
Eight sourced snapshot figures. Fiscal years are not aligned. Housing starts are Census 2025 annual (preliminary).
Census starts 2025
1.36M
1,358,700 units started. Down 0.6% from 1,367,100 in 2024.
Census Dec 2025 NRC
Single-family starts
943k
Down 6.9% from 1,012,900 in 2024. Multifamily (5+) rose to 396,600.
Census Dec 2025 NRC
30-year mortgage
6.65%
Freddie Mac PMMS average as of August 20, 2026. A year earlier: 6.58%.
Freddie Mac PMMS
DHI homes closed
84,863
FY2025 home sales revenue $31.4B. ASP $370,400. Consolidated revenue $34.3B.
DHI FY2025 10-K / PR
Lennar deliveries
82,583
FY2025, including unconsolidated entities. Homebuilding revenue $32.3B. Group $34.2B.
Lennar FY2025 10-K
Ferguson net sales
$30.8B
FY2025 ended July 31, 2025. US $29.3B (95%). Canada $1.5B.
Ferguson FY2025 10-K
Lennox net sales
$5.20B
Home Comfort $3.34B (down 7%). Building Climate $1.85B (up 5%).
Lennox 2025 10-K
BLDR net sales
$15.2B
Down 7.4% from $16.4B. Lumber and sheet goods were 25.5% of sales.
BLDR 2025 10-K
Roster revenue, latest year
Last reported fiscal year in USD. Horton and Lennar end in the fall. Ferguson ends July 31. The other seven are calendar 2025.
Four theses on one page
Builders are $96.1B because Horton and Lennar are $34B each. Ferguson alone is $30.8B. Products are $30.7B. HVAC is Lennox at $5.2B. These are not TAM figures.
US housing starts, 2024 vs 2025
Census annual units started. Single-family fell to 943,000 from 1,012,900. Five-plus rose to 396,600. The national total was almost flat at 1.36 million.
1 unit2 to 4 units5 units or more
2025 starts by Census region
South 723,900. West 300,000. Midwest 198,200. Northeast 136,600. The South is more than half of US starts.
Total starts1 unit
The roster
Ten public companies. Home Depot and Lowe's stay on Retail. Timber REITs stay on REITs.
| Company | Ticker | Archetype | HQ | Latest year | What to watch |
|---|---|---|---|---|---|
| D.R. Horton | DHI | Builder | Arlington, TX | FY2025 ended Sep 30, 2025 | 84,863 closings. Backlog 10,785 homes / $4.1B. |
| Lennar | LEN | Builder | Miami, FL | FY2025 ended Nov 30, 2025 | 82,583 deliveries. Backlog 13,936 homes / $5.2B. |
| NVR | NVR | Builder | Reston, VA | CY2025 | 21,915 settlements. Asset-light lot options. Backlog 8,448. |
| PulteGroup | PHM | Builder | Atlanta, GA | CY2025 | 29,572 closings. ASP $566k. Backlog 8,495 / $5.3B. |
| Allegion | ALLE | Products | Dublin, IE | CY2025 | Locks and access. Americas $3.22B of $4.07B. |
| A. O. Smith | AOS | Products | Milwaukee, WI | CY2025 | Water heaters. NA $2.98B. China third-party sales -12% local. |
| Builders FirstSource | BLDR | Products | Irving, TX | CY2025 | $15.2B. Lumber 25.5%. Value-added 47.7%. |
| Masco | MAS | Products | Livonia, MI | CY2025 | Plumbing $4.99B. Decorative $2.57B after Kichler sale. |
| Ferguson | FERG | Distribution | Newport News, VA | FY2025 ended Jul 31, 2025 | $30.8B. 1,746 branches. ~half residential, ~2/3 RMI. |
| Lennox | LII | HVAC | Richardson, TX | CY2025 | Home Comfort $3.34B (-7%). Building Climate $1.85B (+5%). |
