ELS · 10-Q · 2026Q1 · Full report

Home sales decline and supply timing

EQUITY LIFESTYLE PROPERTIES INC · 2026-04-28 · Importance 55 · Surprise 66

New home sales declined materially: the Company closed 87 new home sales in Q1 2026 versus 117 in Q1 2025, a 25.6% drop, and gross revenues from new home sales fell 18.3% year-over-year. Management attributes the decrease primarily to the timing and supply of new homes—fewer homes were available for sale this quarter—rather than demand weakness. The mix shifted toward lower-priced homes this quarter, which reduced gross revenue and lowered cost-of-sales. Limited chattel financing options and high financing costs for buyers are cited elsewhere as structural constraints on home-sale activity.

Key facts

• The decrease in new home sales during the quarter ended March 31, 2026 was driven by timing of supply of new homes resulting in fewer homes being sold this quarter
• Change in overall sales mix resulted in a higher percentage of lower priced homes being sold during the quarter ended March 31, 2026 compared to the same period in 2025