Zelman & Associates

Company history

Ivy Zelman, a Credit Suisse housing analyst known for calling the 2005 market peak, left the bank in 2007 and founded the firm with colleague Dennis McGill. It later added a housing-focused investment banking business alongside its research. Walker & Dunlop acquired a controlling interest in July 2021, and the business now operates as Zelman, a Walker & Dunlop Company.

1. 2007Founded by Ivy Zelman and Dennis McGill
2. 2021Walker & Dunlop acquires controlling interest
3. 2023Adopts relative Outperform/Neutral/Underperform rating system

Research

As of 2026 Zelman covers 52 stocks across nine housing subsectors, including homebuilding, building products, apartments, single-family rental, manufactured housing, mortgage finance and real estate services, and has published more than 10,000 reports. Since October 2023 it rates stocks Outperform, Neutral or Underperform on expected 12-month total return relative to its coverage of the same sector, replacing a Buy/Hold/Sell system.

Coverage12M

Stocks

18

Ratings

23

Price targets

0

Upgrades

13

Downgrades

8

Initiations

1

Reiterations

1

Activity24M

Most covered24M

Stock	Rating	Target	Actions	Last action
NVRNVR, Inc.	Outperform	—	3	Jul 7
REAXThe Real Brokerage Inc.	Outperform	—	3	Aug 7
SKYChampion Homes, Inc.	Outperform	—	3	Aug 6
AMAMWDAmerican Woodmark Corporation	Neutral	—	2	Feb 27
BLDRBuilders FirstSource, Inc.	Neutral	—	2	Oct 31
MHOM/I Homes, Inc.	Neutral	—	2	Jul 7
WWayfair Inc.	Outperform	—	2	Aug 5
AVBAvalonBay Communities, Inc.	Outperform	—	1	Feb 13
BZHBeazer Homes USA, Inc.	Neutral	—	1	Aug 7
CCSCentury Communities, Inc.	Underperform	—	1	Jul 7

Recent actions

Stock	Rating action	Rating	Date
Beazer Homes USA, Inc.BZH	Upgrade	Neutral	Aug 7
The Real Brokerage Inc.REAX	Upgrade	Outperform	Aug 7
CVCavco Industries, Inc.CVCO	Downgrade	Outperform →Neutral	Aug 6
Champion Homes, Inc.SKY	Upgrade	Neutral →Outperform	Aug 6
COCompass, Inc.COMP	Downgrade	Outperform →Neutral	Aug 6
FEFerguson plcFERG	Upgrade	Neutral →Outperform	Jul 17
NVR, Inc.NVR	Upgrade	Neutral →Outperform	Jul 7
M/I Homes, Inc.MHO	Downgrade	Outperform →Neutral	Jul 7
MTMeritage Homes CorporationMTH	Downgrade	Outperform →Neutral	Jul 7
DHD.R. Horton, Inc.DHI	Upgrade	Neutral →Outperform	Jul 7
Century Communities, Inc.CCS	Downgrade	Neutral →Underperform	Jul 7
NVR, Inc.NVR	Upgrade	Hold →Buy	Jul 7

Similar coverage12M

• Truist Securities8 shared
• Bank of America Securities8 shared
• Oppenheimer5 shared
• Robert W. Baird6 shared
• Goldman Sachs9 shared
• Evercore ISI5 shared

References

1. Walker & Dunlop to Acquire Housing Research and Investment Banking Firm Zelman & Associates (May 2021)walkerdunlop.com
2. Walker & Dunlop Completes Acquisition of Zelman & Associates (July 2021)walkerdunlop.com
3. Ivy Zelman – Walker & Dunlopwalkerdunlop.com
4. Our Story – Zelman & Associateszelmanassociates.com
5. Zelman & Associates – Housing Research & Investment Bankingzelmanassociates.com
6. Zelman Housing Market Update with research disclosures (USC Lusk Center, 2026)lusk.usc.edu