The Walker Webcast Kris Mikkelsen (EVP & Co-Head of Capital Markets), Justin Nelson (Senior Managing Director) & Ivy Zelman (EVP & Co-Founder of Zelman, a Walker Dunlop Company)
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Mar 26, 2026 
Ivy Zelman, housing research leader with deep demographic and market forecasting expertise; Justin Nelson, debt capital markets and construction lending strategist; Kris Mikkelsen, capital markets chief tracking multifamily flows. They discuss spring home sales, shifting single‑family versus multifamily demand, construction and financing liquidity, private credit risks, and pockets of demand from data centers to build‑for‑rent.
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Consumer Confidence Dominates Single Family Demand
- Consumer confidence is the dominant driver in the single-family for-sale market.
- Ivy notes the University of Michigan index fell to 55.3, 35% below its long-term average, hitting buyer psychology especially for move-up purchasers.
Multifamily Recovery Disappointed In 2025
- Multifamily momentum failed to translate into a 2025 recovery despite mid-700k trailing 12-month absorption earlier.
- Kris reports absorption peaked ~785k then decelerated to ~365k by year-end, leaving excess inventory to absorb into 2026.
Widening Bifurcation Between Core And Workforce Assets
- The market is bifurcating: high-quality assets in low-supply markets command premiums while workforce-oriented assets lag.
- Kris points to gateway and Midwest markets plus senior housing as insulated spots receiving disproportionate capital.