SUI · 10-Q · 2026Q1 · Full report
Home Sales and Inventory
SUN COMMUNITIES INC · 2026-04-28 · Importance 50 · Surprise 58
The company sources new and pre‑owned home inventory from manufacturers, lenders, dealers, former residents and customers, exposing home sales margins to supplier availability and mix. UK home cost and selling expenses increased 11.4% year‑over‑year due to a change in the mix of homes sold, which reduced NOI margin by 2.2 percentage points. North America saw a modest increase in home cost and selling expenses while volumes declined, amplifying the drop in NOI. Management links reduced home sales volumes to fewer available sites and lower expansion activity, underscoring inventory and development constraints on home sales throughput.
Key facts
- North America home sales NOI for the three months ended March 31, 2026 was $1.6 million, a decrease of $2.6 million or 61.9% from $4.2 million in 2025.
- Total NOI margin for home sales for the three months ended March 31, 2026 was 17.5% compared to 21.7% in 2025, a decrease of 4.2 percentage points.
- UK home sales for the three months ended March 31, 2026 were $41.6 million, up $3.1 million or 8.1% from $38.5 million in 2025.
- UK home cost and selling expenses for the three months ended March 31, 2026 were $31.3 million, up $3.2 million or 11.4% from $28.1 million in 2025.
- UK average selling price for homes for the three months ended March 31, 2026 was $66,560, up $3,856 or 6.1% from $62,704 in 2025.
- For the three months ended March 31, 2026, North America home sales were $26.5 million, down $2.2 million or 7.7% from $28.7 million in 2025.
- North America average selling price for homes for the three months ended March 31, 2026 was $90,753, up $8,044 or 9.7% from $82,709 in 2025.
- Total home sales NOI for the three months ended March 31, 2026 was $11.9 million, down $2.7 million or 18.5% from $14.6 million in 2025.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| margin | negative | realized | -4.2% | Total NOI margin for home sales for the three months ended March 31, 2026 was 17.5% compared to 21.7% in 2025, a decrease of 4.2… |
| operating_income | negative | realized | -0.6% | UK home cost and selling expenses for the three months ended March 31, 2026 were $31.3 million, up $3.2 million or 11.4% from $28.1… |
| revenue | positive | realized | +0.6% | UK home sales for the three months ended March 31, 2026 were $41.6 million, up $3.1 million or 8.1% from $38.5 million in 2025. |
| operating_income | negative | realized | -0.5% | Total home sales NOI for the three months ended March 31, 2026 was $11.9 million, down $2.7 million or 18.5% from $14.6 million in 2025. |
| operating_income | negative | realized | -0.5% | North America home sales NOI for the three months ended March 31, 2026 was $1.6 million, a decrease of $2.6 million or 61.9% from $4.2… |
| revenue | negative | realized | -0.4% | For the three months ended March 31, 2026, North America home sales were $26.5 million, down $2.2 million or 7.7% from $28.7 million in… |