INVH · Earnings call · 2026Q3T · Full report

Home Sale Market Conditions

Invitation Homes Inc. · 2026-10-28 · Importance 17 · Surprise 6

Management said it had sold homes successfully year to date, with no material change through the third quarter in the time required to sell a home. The impact of higher interest rates over the latest 30 days was too recent to assess, and the fourth quarter is normally the slowest home-selling season. The company evaluates vacant homes for sale using location, operating performance, leasing time, and demand relative to comparable homes in the submarket. Management also reported increased builder outreach and inventory offered through monthly tapes, with some builders appearing willing to take larger discounts to move inventory; broker transactions had picked up, but portfolio pricing remained in a bid-ask discovery phase.

Key facts

• Invitation Homes said Q4 is generally its slowest home-selling season and that it would monitor Q4 results before providing further guidance.
• As of September 2026, leasing a home in Invitation Homes’ weighted markets cost on average over $1,000 per month less than owning one, based on John Burns data.
• Invitation Homes’ average resident stays for more than 41 months, amounting to more than $42,000 in savings versus owning, using the company’s stated monthly cost comparison.
• Higher mortgage rates are contributing to greater for-sale home supply in some markets, including unsold homes from accidental landlords and builders.
• Invitation Homes had seen no material year-to-date change in the time required to sell a home, but management said it was too soon to assess the effect of the interest-rate move in the preceding 30 days.