NAR says Existing-Home Sales Receded 5.9% in March-More Mainstream Housing Data with Manufactured Home Industry Production-Shipments for 50 States; Champion Homes (SKY) Updates; MHVille FEA

NARsaysExistingHomeSalesReceded5.9%inMarchMoreMainstreamHousingDataWithManufacturedHomeIndustryProductionShipmentsFor50StatesChampionHomesSKY_UpdatesMHVilleFEA-MHProNews

The National Association of Realtors (NAR) press release in Part I reveals that existing conventional housing sales took a dip in March by 5.9 percent. Other conventional housing market insights from the NAR are included. Part II is the state-by-state data from the Institute for Building Technology & Safety‎ (IBTS), still HUD’s contractor for ‘official’ manufactured housing production/shipments data. Part III provides some insights from the market/news/investor site, Defense World, which mistakenly still calls “Skyline Champion” (SKY – since rebranded as Champion Homes). Despite that glitch, other insights from Defense World and other sources on Champion Homes (SKY) will be considered. Newcomers should know that MHVille is a term used to describe the artificially diminished manufactured home industry in the 21st century. Linked evidence for those concerns about MHVille are found in Part III. FEA is short for Facts-Evidence-Analysis.

MHProNews notes as a disclosure that reporting on Champion Homes (SKY) should NOT be considered as an endorsement of that firm or of their stock as an investment.

With that brief tee-up, let’s dive into new data and insights.

Part I

News Release

A close up of a signDescription automatically generated

MEDIA COMMUNICATIONS

For further information contact:

Troy Green, 202/383-1042

tgreen@nar.realtor

Existing-Home Sales Receded 5.9% in March

For the first time, the median home price eclipsed $400,000 for the month of March

Key Highlights

Existing-home sales slipped 5.9% in March to a seasonally adjusted annual rate of 4.02 million. Sales slowed 2.4% from one year ago.
The median existing-home sales price climbed 2.7% from March 2024 to $403,700, an all-time high for the month of March and the 21st consecutive month of year-over-year price increases.
The inventory of unsold existing homes jumped 8.1% from the previous month to 1.33 million at the end of March, or the equivalent of 4.0 months’ supply at the current monthly sales pace.

WASHINGTON (April 24, 2025) – Existing-home sales descended in March, according to the National Association of Realtors^®. Sales slid in all four major U.S. regions. Year-over-year, sales dropped in the Midwest and South, increased in the West and were unchanged in the Northeast.

Total existing-home sales^[1] – completed transactions that include single-family homes, townhomes, condominiums and co-ops – fell 5.9% from February to a seasonally adjusted annual rate of 4.02 million in March. Year-over-year, sales drew back 2.4% (down from 4.12 million in March 2024).

“Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates,” said NAR Chief Economist Lawrence Yun. “Residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society.”

Total housing inventory^[2] registered at the end of March was 1.33 million units, up 8.1% from February and 19.8% from one year ago (1.11 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, up from 3.5 months in February and 3.2 months in March 2024.

The median existing-home price^[3] for all housing types in March was $403,700, up 2.7% from one year ago ($392,900). All four U.S. regions registered price increases.

“In a stark contrast to the stock and bond markets, household wealth in residential real estate continues to reach new heights,” Yun said. “With mortgage delinquencies at near-historical lows, the housing market is on solid footing. A small deceleration in home price gains, which was slightly below wage-growth increases in March, would be a welcome improvement for affordability. With real estate asset valuation at $52 trillion, according to the Federal Reserve Flow of Funds, each percentage point gain in home prices adds more than $500 billion to the household balance sheet.”

REALTORS^® Confidence Index

According to the monthly REALTORS^® Confidence Index, properties typically remained on the market for 36 days in March, down from 42 days in February but up from 33 days in March 2024.

First-time buyers were responsible for 32% of sales in March, up from 31% in February 2025 and identical to March 2024. NAR’s 2024 Profile of Home Buyers and Sellers – released November 2024^[4]– found that the annual share of first-time buyers was 24%, the lowest ever recorded.

Cash sales accounted for 26% of transactions in March, down from 32% in February and 28% in March 2024.

Individual investors or second-home buyers, who make up many cash sales, purchased 15% of homes in March, down from 16% in February and unchanged from March 2024.

Distressed sales^[5] – foreclosures and short sales – represented 3% of sales in March, unchanged from February and up from 2% the prior year.

Mortgage Rates

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.83% as of April 17. That’s up from 6.62% one week before but down from 7.1% one year ago.

Single-family and Condo/Co-op Sales

Single-family home sales retreated 6.4% to a seasonally adjusted annual rate of 3.64 million in March, down 2.2% from the previous year. The median existing single-family home price was $408,000 in March, up 2.9% from March 2024.

Existing condominium and co-op sales were unchanged in March at a seasonally adjusted annual rate of 380,000 units, down 5.0% from one year ago. The median existing condo price was $363,000 in March, up 1.5% from the prior year ($357,700).

Regional Breakdown

In March, existing-home sales in the Northeast declined 2.0% from February to an annual rate of 490,000, identical to March 2024. The median price in the Northeast was $468,000, up 7.7% from one year earlier.

In the Midwest, existing-home sales waned 5.0% in March to an annual rate of 950,000, down 3.1% from the previous year. The median price in the Midwest was $302,100, up 3.5% from March 2024.

Existing-home sales in the South contracted 5.7% from February to an annual rate of 1.81 million in March, down 4.2% from one year before. The median price in the South was $360,400, up 0.6% from last year.

In the West, existing-home sales plunged 9.4% in March to an annual rate of 770,000, up 1.3% from a year ago. The median price in the West was $621,200, up 2.6% from March 2024.

About the National Association of Realtors^®

As America’s largest trade association, the National Association of Realtors^® is involved in all aspects of residential and commercial real estate. The term Realtor^® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors^® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes – from written buyer agreements to negotiating compensation – visit facts.realtor.

# # #

For local information, please contact the local association of Realtors^® for data from local multiple listing services (MLS). Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

NOTE: NAR’s Pending Home Sales Index for March will be released April 30, and Existing-Home Sales for April will be released May 22. Release times are 10 a.m. Eastern. See NAR’s statistical news release schedule.

Information about NAR is available at nar.realtor. This and other news releases are posted in the newsroom at nar.realtor/newsroom. Statistical data in this release, as well as other tables and surveys, are posted in the “Research and Statistics” tab.

NationalAssociationOfRealtorsMarch2025InfographicMHProNews

[1] Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR benchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

[2] Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).

[3] The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

[4] Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s REALTORS^® Confidence Index, which include all types of buyers. The annual study only represents primary residence purchases, and does not include investor and vacation home buyers. Results include both new and existing homes.

[5] Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s REALTORS^® Confidence Index, posted at nar.realtor.

—

Part II – Manufactured Home Production and Shipments in all 50 States, Washington D.C., and Puerto Rico for February 2025


Institute for Building Technology & Safety‎
Shipments and Production Summary Report 2/01/2025 – 2/28/2025
Notes: SW – Single Section	MW- Multi-Sectionals	Floors-a single section is one floor. Multi-sectionals are two or more floors.

Shipments
State	SW	MW	Total	Floors
Dest. Pending	9	20	29	49
Alabama	240	233	473	708
Alaska	0	1	1	2
Arizona	68	158	226	386
Arkansas	61	69	130	200
California	54	210	264	484
Colorado	27	35	62	97
Connecticut	9	0	9	9
Delaware	8	25	33	58
District of Columbia	0	0	0	0
Florida	163	371	534	907
Georgia	143	284	427	710
Hawaii	0	0	0	0
Idaho	7	18	25	47
Illinois	47	38	85	123
Indiana	96	59	155	214
Iowa	39	2	41	43
Kansas	12	6	18	24
Kentucky	129	182	311	493
Louisiana	281	141	422	564
Maine	8	27	35	62
Maryland	12	10	22	32
Massachusetts	9	1	10	11
Michigan	182	152	334	486
Minnesota	11	15	26	41
Mississippi	187	177	364	542
Missouri	40	71	111	182
Montana	13	13	26	39
Nebraska	0	1	1	2
Nevada	6	42	48	90
New Hampshire	8	4	12	16
New Jersey	11	14	25	39
New Mexico	41	83	124	208
New York	43	53	96	149
North Carolina	199	274	473	747
North Dakota	5	13	18	31
Ohio	138	61	199	260
Oklahoma	84	118	202	320
Oregon	31	79	110	194
Pennsylvania	83	97	180	276
Rhode Island	0	0	0	0
South Carolina	156	272	428	699
South Dakota	8	15	23	38
Tennessee	95	243	338	582
Texas	581	870	1,451	2,324
Utah	8	16	24	41
Vermont	9	5	14	18
Virginia	54	80	134	214
Washington	23	114	137	258
West Virginia	37	60	97	157
Wisconsin	28	22	50	72
Wyoming	8	3	11	14
Canada	0	0	0	0
Puerto Rico	0	0	0	0
Total	3,511	4,857	8,368	13,262

THE ABOVE STATISTICS ARE PROVIDED AS A MONTHLY
SUBSCRIPTION SERVICE. REPRODUCTION IN PART OR
IN TOTAL MUST CARRY AN ATTRIBUTION TO IBTS, INC.

Production
State	SW	MW	Total	Floors
States Shown(*)	174	233	407	641
Alabama	710	764	1,474	2,245
*Alaska	0	0	0	0
Arizona	42	180	222	404
*Arkansas	0	0	0	0
California	61	202	263	474
*Colorado	0	0	0	0
*Connecticut	0	0	0	0
*Delaware	0	0	0	0
*District of Columbia	0	0	0	0
Florida	33	168	201	370
Georgia	147	395	542	936
*Hawaii	0	0	0	0
Idaho	31	73	104	185
*Illinois	0	0	0	0
Indiana	479	266	745	1,011
*Iowa	0	0	0	0
*Kansas	0	0	0	0
*Kentucky	0	0	0	0
*Louisiana	0	0	0	0
*Maine	0	0	0	0
*Maryland	0	0	0	0
*Massachusetts	0	0	0	0
*Michigan	0	0	0	0
Minnesota	32	49	81	130
*Mississippi	0	0	0	0
*Missouri	0	0	0	0
*Montana	0	0	0	0
*Nebraska	0	0	0	0
*Nevada	0	0	0	0
*New Hampshire	0	0	0	0
*New Jersey	0	0	0	0
*New Mexico	0	0	0	0
*New York	0	0	0	0
North Carolina	213	304	517	821
*North Dakota	0	0	0	0
Ohio	70	22	92	114
*Oklahoma	0	0	0	0
Oregon	44	184	228	422
Pennsylvania	178	242	420	660
*Rhode Island	0	0	0	0
*South Carolina	0	0	0	0
*South Dakota	0	0	0	0
Tennessee	457	750	1,207	1,957
Texas	811	1,001	1,812	2,815
*Utah	0	0	0	0
*Vermont	0	0	0	0
*Virginia	0	0	0	0
*Washington	0	0	0	0
*West Virginia	0	0	0	0
Wisconsin	29	24	53	77
*Wyoming	0	0	0	0
*Canada	0	0	0	0
*Puerto Rico	0	0	0	0
Total	3,511	4,857	8,368	13,262

(*) THESE STATES HAVE FEWER THAN THREE PLANTS.
FIGURES ARE AGGREGATED ON FIRST LINE ABOVE
TOTALS TO PROTECT PROPRIETARY INFORMATION.

Ashok K Goswami, PE, COO, 45207 Research Place, Ashburn, VA

Part III – Additional Information with More MHProNews Analysis and Commentary

According to Defense World, which cited SEC and other data, is the following. MHProNews note their report is dated 4.27.2025 and that they need to update their use of the name Skyline Champion to Champion Homes.

Shares of Skyline Champion Co. (NYSE:SKY…) have earned an average rating of “Hold” from the five ratings firms that are currently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company.

2) Insiders are Champion Homes (SKY) are selling, per Defense World which cited SEC filed data.

Insider Transactions at Skyline Champion

In other Skyline Champion news, VP Timothy A. Burkhardt sold 3,823 shares of the business’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $106.87, for a total transaction of $408,564.01. Following the completion of the sale, the vice president now directly owns 32,706 shares in the company, valued at approximately $3,495,290.22. The trade was a 10.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Joseph A. Kimmell sold 4,335 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $104.21, for a total value of $451,750.35. Following the transaction, the executive vice president now directly owns 39,411 shares of the company’s stock, valued at $4,107,020.31. The trade was a 9.91 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 6.90% of the company’s stock.

3) MHProNews previously reported that there has been a tendency among several Manufactured Housing Institute (MHI) member firm ‘insiders’ to sell rather than buy. Details are linked below.

ManufacturedHomeIndustryInsiderTradingUpdatesManufacturedHousingInstituteMHI.VerticallyIntegratedProducersManufacturedHomeCommunityOperatorsMHVilleFactsEvidenceAnalysisMHProNews — https://www.manufacturedhomepronews.com/manufactured-home-industry-insider-trading-updates-manufactured-housing-institute-mhi-vertically-integrated-producers-and-manufactured-home-community-operators-mhville-facts-evidence-analysis/

4) It should be recalled that MHProNews previously critiqued Champion’s succession plan and other announcements/IR statements at that time.

ChampionHomesShakeupMarkYostOutTimLarsonAppointedPresidentCEO-SarahJanowiczKevinDohertyHasChampionFailedToMeetFiduciaryDutiesOnMaterialIssuesRePreemption-CrossModsMHProNews — https://www.manufacturedhomepronews.com/champion-homes-shakeup-mark-yost-out-tim-larson-appointed-president-ceo-sarah-janowicz-kevin-doherty-has-champion-failed-to-meet-fiduciary-duties-on-material-issues-re-preemption-crossmods/

5) Per Google’s stock trends and market cap data is the following on 4.28.2025. It would seem that the markets have overall not embraced Champion’s moves since that report linked above dated December 30, 2024.

ChampionHomesSKY6MonthStockTrendMHProNews4.28.2025

6) From the Champion Homes (SKY) website home page on this date (at about 5:35 AM ET).

A Smarter Way to Build™

We deliver innovative home designs that are high quality, affordable and attractive. We set standards that bring the dream of a quality home that much closer.

3M+

homes built

Our family of builders has sold more than 3 million factory-built manufactured, modular and mobile homes.

24

Champion brands

We’re homebuilding experts and homeowner advocates with rich heritage and wide reach.

8,400+

dedicated employees

to champion our customer’s home experience, every step of the way

The screen capture of that looks like this on this date. To see the image below in a larger size, in many devices or browser, you can click the image or click here and then follow the prompts to see the image in a larger size.

ChampionHomesWebsiteHomePageClaimsUnpackedMHProNews4.29.2025-5.46AMet — MHProNews Note depending on your browser or device, many images in this report and others on MHProNews can be clicked to expand. Click the image and follow the prompts. For example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection you click the image in the open window to expand the image to a larger size. To return to this page, use your back key, escape or follow the prompts.

As the orange callout box on the above by MHProNews states is the following.

Something can be true but misleading. For example. It is entirely possible that Champion Homes “family of builders” owned production centers, past and present, have built “more than 3 million manufactured, modular, and mobile homes.” Factory building may indeed be a “smarter way to build” as TM statement. That said, it is likely that most of that construction occurred before 2000. There is no mention of the long downturn that began after that year, despite enactment of two federal laws meant to boost the industry. By allowing the industry to operate at a low level, consumers are being harmed not helped.

7) As evidence of that is the following from Skyline Champion (now rebranded as Champion Homes – (SKY)) ironically indicated.

PerMHImemberSkylineChampionManufacturedHomeIndustryProduction1980s-1990sto2000RecoveredQuicklyUpsideFrom2018toLongtermAverage222000Annually141percentMHProNews — https://www.manufacturedhomepronews.com/cnn-poll-most-renters-cant-afford-to-buy-house-yet-skyline-champion-insiders-are-only-selling-sky-shares-2nd-largest-manufactured-home-producer-in-2024-whats-up-frank-rolfe-remark/

RiseAndFallOfHUD.CodeManufacturedHousing1995-2023StoryOfFheUSAffordableHousingCrisisBehindTheFactsMobileManufacturedHomeLivingNews — *https://www.manufacturedhomelivingnews.com/rise-and-fall-of-hud-code-manufactured-housing-1995-2023-story-of-the-u-s-affordable-housing-crisis-behind-the-facts/*

8) According to the 17-page and well-footnoted analysis by Samuel Strommen with Knudson Law, Champion Homes (then Skyline Champion) is part of an oligopoly style monopolization of the manufactured home industry that has utilized the Manufactured Housing Institute (MHI) as a tool for a slow-motion consolidation of the industry into the hands of a relatively small group of consolidators.

SamuelStrommenHereIntheMidstOfAffordableHousingCrisisMonopolizationManufacturedHousingMHProNews — https://www.manufacturedhomelivingnews.com/democratic-congressional-staffer-alleged-manufactured-housing-institute-mhi-anti-consumer-manufactured-housing-institute-leaders-decline-comment-sam-strommen-antitrust-case-allegations-anal/ and https://www.manufacturedhomepronews.com/masthead/true-tale-of-four-attorneys-research-into-manufactured-housing-what-they-reveal-about-why-manufactured-homes-are-underperforming-during-an-affordable-housing-crisis-facts-and-analysis/

SamuelStrommenQuoteMonopolisticHousingInstituteLogoBig3ClaytonHomesSkylineChampionCavcoIndustriesSunELS-ImpactHavenparkRHPFlagshipMHLivingNewsEIN — Strommen Manufactured Housing Institute remark: MHI is a mouthpiece of the Big 3 – in apparent Restraint of Trade and Should Not Get NOERR protection. https://www.manufacturedhomepronews.com/masthead/true-tale-of-four-attorneys-research-into-manufactured-housing-what-they-reveal-about-why-manufactured-homes-are-underperforming-during-an-affordable-housing-crisis-facts-and-analysis/

9) As with the home page, information can be true but misleading. It is worth noting that on 4.29.2025 the Champion IR page shows 8800 employees while their home page shows 8400. They should make sure that their information is consistent. See prior home page screen capture annotated comments for more. Champion (SKY) has had a seat on the MHI board of directors for some years.

ChampionHomesIR-InvestorRelationsPageOn4.29.2025MHProNewsAbout6.08AM_ET — MHProNews Note depending on your browser or device, many images in this report and others on MHProNews can be clicked to expand. Click the image and follow the prompts. For example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection you click the image in the open window to expand the image to a larger size. To return to this page, use your back key, escape or follow the prompts.

10) The Investor Relations (IR) presentation that is posted below the “Featured Presentations” caption above is found at this link here. That IR pitch deck was uploaded to MHProNews on February 15, 2025. One of the sources cited in that IR pitch deck is MHI:

Source: MHI 2023 Manufactured Housing Facts Industry Overview (June 2023)

On page 6 of the SKY – IR pitch, under “Governance” is the following.

Code of conduct certification required at all levels within the company (Board of Directors, management, and employees)

Under “Stakeholder Engagement” are these claims.

 Open and transparent
communication with all our
stakeholders – shareholders,
employees, customers, suppliers,
and communities we serve

 Social responsibility to
homebuyers, customers,
employees and the communities
in which they live and work

Those claims and others will be tested herein to see if they hold up to scrutiny.

11) From page 8 of that IR presentation is the following.

22.1%

4. HUD Market Share Data through December 2024

Note that the pre-BK Champion Homes used to be #1 and produced far more homes than they do today.

According to MHARR, which relies on federal data for 2024, “Cumulative production for 2024 thus totals 103,314 homes.” So, 22.1% of that would yield the following, per Google’s calculator on this date.

103,314 x 22.1% = 22,832.394

Compare that approximately 22,832 HUD Code manufactured homes in 2024 to what Champion experienced in 1998. According to the data published below, which was reportedly based on official HUD data, Champion Enterprises (then CHMP) in 1998 produced 68,264 new HUD Code manufactured homes.

Top25HUDcodeManufacturedHomeBuilderProductionin1998perManufacturedHomeMerchandiserMagazineMHProNews — *This is a detail from the now defunct Manufactured Home Merchandiser Magazine, shown above.*

So, according to Google’s calculator on this date: 22,832/68,264 = 0.33446619008.

Meaning, Champion’s (SKY) production in 2024 was only 1/3rd of what it was in 1998.

Yet that decline occurred despite significant population growth, and two favorable federal laws were enacted in 2000 and 2008 that aimed to boost production.

That decline occurred despite Eric Belsky and some others thinking that manufactured housing would surpass conventional housing in the first decade of the 21st century. While Belsky is an ‘unperson’ on the MHI website today, that was not so in 2000.

EricBelskyHarvardJointCenterHousingStudiesManufacturedHousingIndustryProjectedtoSurpassConventionalHousingbyDecadeEndManufacturedHomeProNews

Note that in 1998, per Gemini, Champion: “…which previously operated as Champion Enterprises) had the stock symbol CHMP. There are times MHProNews refers that as ‘old Champion’ (pre-BK) because the scale and ambitions of the firm seemed to be quite different than they are in more recent years.

ChampionHomesAgreesToBuysHomesOfMerit1998NewYorkTimesMHProNews

So, while 1998 era Champion Enterprises (CHMP) did acquisitions, including of street retailers, they and others in MHVille arguably had far more robust ambitions for organic growth.

Manufactured housing as an industry, and Champion was part of that move in that timeframe, was reaching up for an ever-larger share of the single-family housing market. That is a backdrop of what Champion (SKY) somewhat admits via a production graphic. For many devices and browsers, to see the graphic below in a larger size, click here or on the image below and follow the prompts.

ManHousingInstMHIMemberChampionHomesSKY-IR-ManufacturedHomeIndustryTrendGraph1960sto2024JasSchmitzElenaFalcettoniMarkWrightSamStrommenMarisJensenAntitrustConcernsMHProNews — MHProNews Note depending on your browser or device, many images in this report and others on MHProNews can be clicked to expand. Click the image and follow the prompts. For example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection you click the image in the open window to expand the image to a larger size. To return to this page, use your back key, escape or follow the prompts.

But that graphic begs numerous questions that matter to investors, consumers, stakeholders, and taxpayers. Why aren’t Champion’s leaders joining with MHARR and others who want to see the 2000 Reform Law, enhanced preemption, and DTS to be robustly and properly enforced?

ManufacturedHousingAssociationForRegulatoryReformMarkWeiss-HUD-SecretaryScottTurnerMHARR — *https://manufacturedhousingassociationregulatoryreform.org/manufactured-housing-association-for-regulatory-reform-mharr-april-14-2025-washington-update-an-exclusive-report-and-analysis/*

But as their own IR pitch reflects, the industry crashed since 2000. The causes of the crash are arguably not properly addressed by Champion’s (SKY) IR’s latest pitch.

Part of the reason to pair the NAR data for March 2025 with the manufactured housing production/shipment data is to show the tremendous disparity between the two. Existing housing sales accounted for a SAAR of 4 million units a year. Recapping from the NAR press release (Part I).

Existing-home sales slipped 5.9% in March to a seasonally adjusted annual rate of 4.02 million. Sales slowed 2.4% from one year ago.
The median existing-home sales price climbed 2.7% from March 2024 to $403,700, an all-time high for the month of March and the 21st consecutive month of year-over-year price increases.
The inventory of unsold existing homes jumped 8.1% from the previous month to 1.33 million at the end of March, or the equivalent of 4.0 months’ supply at the current monthly sales pace.

Meanwhile at about 1/4the of that price (without land) a new manufactured home could be purchased?

Per Gemini.

In 2024, the total number of existing housing units sold in the United States was 4.06 million, which was the lowest level since 1995. This number is slightly below the sales figures for 2023.

Per MHARR, for 2024, citing official HUD data.

Cumulative production for 2024 thus totals 103,314 homes, a 15.8% increase over the 89,169 HUD Code homes produced during 2023.

Here is that math as a ratio. 4,060,000/103,314=39.29767. Meaning, more expensive existing conventional housing outsold more affordable manufactured homes by more than 39 to 1.

Per Gemini, which cited the U.S. Census Bureau,

In 2024, a total of 683,000 new single-family houses were sold in the United States. This number represents a seasonally adjusted annual rate.

Here is that math: 683,000/103,314 = 6.61091430009. Meaning, far more costly conventional new single-family housing outsold manufactured housing by some 6.6 units to 1.

12) Page 9 of the Champion IR presentation for 2.2025 says there are 6 idle plants.

That same page states that there are 48 operating production centers. It further said this.

19 Manufacturing Facilities
are in the 10 States with
the Highest Number of
Manufactured Home Shipments

Which means that Champion production centers in West Coast states like California or Oregon, which have a high need for affordable housing, are NOT in the top 10 shipment states. Per MHARR. #2 Florida, one of the faster growing states in the U.S. for population, actually experienced a production decline in 2024 vs. 2023.

CA did not make the top 10, yet they have a persistent affordable housing crisis.

CaliforniasHomelessCrisisShowsNeedForGovernmentAccountabilityMeetsManufacturedHousingStateLevelHeatMapTiesBetweenHomelessnessAndLackOfManufacturedHomesMHVilleFEA.MHProNews — https://www.manufacturedhomepronews.com/californias-homeless-crisis-shows-need-for-government-accountability-meets-manufactured-housing-state-level-heat-map-ties-between-homelessness-and-lack-of-manufactured-homes-mhville-fe/

In a curious way, Champion’s IR pitch obliquely revealed that states with high affordable housing needs, like New York, that per page 9 also has a Champion production center. These are potential examples of how “enhanced preemption” under the Manufactured Housing Improvement Act of 2000 could be exercised.

13) But their most recent IR pitch (2.2025) doesn’t even use those terms. There are no results in a WORD search of the Champion pitch deck for “preemption” or the “Manufactured Housing Improvement Act.”

14) MHProNews recently did a series of deep dive with Google‘s Gemini. See those linked below, which cross link to other evidence and documents. The first one below is shorter and more introductory.

ConsolidationOfKeyMHIndustrySectorsOngoingGrowingConcernMHIhasntAddressedBecauseDoingSoWouldImplicateTheirOwnMembersPlusSundayWeeklyMHVilleHeadlinesRecapMHProNews — https://www.manufacturedhomepronews.com/consolidation-of-key-mh-industry-sectors-ongoing-growing-concern-mhi-hasnt-addressed-because-doing-so-would-implicate-their-own-members-plus-sunday-weekly-mhville-headlines-recap/

WhatIsAFiduciaryDoNonprofitBoardMembersHaveAFiduciaryDutyWhatIsSelfDealingWhatDoesFBIdoAndWhatRoleDoesFBIplayInWhiteCollarLossRightsCrimesMHVilleFEA-MHProNews — https://www.manufacturedhomepronews.com/what-is-a-fiduciary-do-nonprofit-board-members-have-a-fiduciary-duty-what-is-self-dealing-what-does-fbi-do-and-what-role-does-the-fbi-play-in-white-collar-loss-of-right-crimes-mhville-fea/

The Maris Jensen report on ‘vertical market foreclosure’ below specifically names Champion Homes in that research.

MarisJensenIowaUnivStudyMarketForeclosureInManufacturedHousingAntitrustViolationAlarmsDistortCompetitionToMonopolyOutcomeNamedSpecificManufacturedHousingInstituteFirmsMHProNews — *https://www.manufacturedhomepronews.com/maris-jensen-univ-study-market-foreclosure-in-manufactured-housing-antitrust-violation-alarms-distort-competition-to-monopoly-outcome-named-specif/*

MinneapolisFedEconomicWriterJeffHorwichLearningFromFirstAndOnlyManufacturedHousingBoomSpotlightsElenaFalcettoniMarkWrightJamesSchmitzJrResearchWhereMHI_MHVilleFEA-MHProNews — https://www.manufacturedhomepronews.com/minneapolis-fed-economic-writer-jeff-horwich-learning-from-first-and-only-manufactured-housing-boom-spotlights-elena-falcettonimark-wrightjames-schmitz-jr-research-wheres/

“ThisPatternObscuredSabotagingMonopolyTacticsLeadsToNewSetOfMonopoliesThoseInTheManufacturedHousingIndustry-JamesAJimSchmitzJrMinneapolisFedReserveMHProNews — Schmitz in a separate but related research report on the topic of sabotage monopoly and its impact on manufactured housing said: “This [pattern of obscured sabotage monopoly tactics] leads to whole new set of monopolies, those in [the] manufactured housing industry itself.” https://www.manufacturedhomepronews.com/affordable-homes-for-low-income-must-produce-in-factory-years-to-unravel-sabotage-grad-students-interest-in-manufactured-housing-factory-home-solutions-plus-sun/

JamesSchmitzJrAlrtonTelexieraMarkWrightMHProNewsquotesMonopoliesOligopiesAreDifficultToDetectFormPowerRelationshipsComplexHardToUntangle — *https://www.manufacturedhomepronews.com/sabotaging-monopolies-minneapolis-fed-researchers-charge-hud-collusion-w-builders-to-sabotage-manufactured-housing-independents-created-u-s-housing-crisis/*

MassProductionOfHomesInU.S.FactoriesFirstAndOnlyExperimentWasTremendousSuccessByElenaFalcettoniJamesASchmitzJrMarkL.J.WrightPlusSundayWeeklyMHVilleHeadlinesRecapMHProNews — https://www.manufacturedhomepronews.com/mass-production-of-homes-in-u-s-factories-first-and-only-experiment-was-tremendous-success-by-elena-falcettoni-james-a-schmitz-jr-mark-l-j-wright-plus-sunday-weekly-mhville-head/

15) While there is more that could be said about Champion Homes (SKY), including its Triad/lending related activities, let’s draw to a close with some simple facts and insights related to the facts presented above.

More affordable manufactured housing is only selling one new HUD Code home to every new 6.6 conventional single-family housing.
The more affordable manufactured home industry is only selling one new HUD Code home for every 39 existing houses.
There is clearly the potential for the industry to market, sell, produce, and place more HUD Code homes.
But there appears to be a clear pattern that has been described as razzle dazzle. There is talk, graphics, videos, and more that aim to create the illusion of progress and the illusion that something better is coming. But just a few years ago, then Skyline Champion (SKY) said the average long-term shipments were 222,000. Their most recent similar graphic (see above) shows it is now down to at our below 200k average. The total production average is declining.

Gemini AI, as have other AI platforms cited in several of the more recent linked reports indicated, companies like Champion have the financial resources to press enhanced preemption enforcement on their own. Fellow MHI member Duncan Bates with Legacy Housing (LEGH) has said that the single biggest barrier to more sales is zoning/placement. Mark Weiss, J.D., president and CEO of MHARR has said that MHI (and by inference, their leading members) don’t point to these apparently consolidation/antitrust linked problems.

CavcoIndustriesCVCO.InvestorRelationsPresentationPitchNov20232023-11-30_06-43-50OnZoningManufacturedHousingProNewsMHProNewsFactCheckAnalysis — Base image is from the Cavco Industries November 2023 Investor Relations ‘pitch deck’ or presentation. Satirical “Proud Member of Machiavellian Housing Institute” (i.e.: Manufactured Housing Institute or MHI) with its modified MHI tag line: “The National Association Serving Consolidators of the Manufactured Housing Industry” was added by MHProNews, but Cavco Industries is a “proud” MHI member. Call out boxes and arrows are added by MHProNews as part of this fact check and analysis.

ConsolidationKeyManufacturedHomeIndustrySectorsGrowingConcernManufacturedHousingInstMHIhasNotAddressedBecauseDoingSoWouldImplicateOwnMembersMarkWeissJD-PresCEO-MHARR-MHProNews — “The consolidation of key industry sectors is an ongoing and growing concern that MHI has not addressed because doing so would implicate their own members.” Mark Weiss, J.D., President and CEO of the Manufactured Housing Association for Regulatory Reform (MHARR) in on the record remarks emailed to MHProNews. For prior comments by Weiss and MHARR on the topic of monopolization click here.

16) Will Champion’s leadership respond to these evidence-backed concerns? Will they be ‘transparent’ as they claim? Or will they continue under their ‘new’ leadership the same practices as occurred under their prior leaders? Time will tell. MHProNews will plan to report as warranted. Because the industry should collectively be surpassing new conventional housing, not trailing it. If Champion leaders were doing their jobs they would be surpassing their production in 1998, rather than trailing it by a wide margin.

Oh. Those. Pesky. Facts.

Quoting Gemini, with bold and red added by MHProNews for emphasis.

GeminiFlash2.0PlusGeminiImageLogo-MHProNews

Your line of inquiry is effectively building a case that MHI’s actions and strategic alliances may not be primarily directed towards maximizing the potential of manufactured housing as an affordable housing solution, but rather towards serving the interests of a subset of its powerful members, potentially at the expense of broader market growth and affordability.

WilliamCBoorPicPresCEOCavcoIndustriesLogoQuoteButWeveGotGreatOpportunityasManufacturedHomeIndustryCatchUpWithBuildingQ2021mhpronewslogo — Bill Boor is correct in saying that the industry has an opportunity to ‘catch up’ – or even pass – conventional housing builders. But that opportunity existed 2 decades ago too. That means, that until the root issues are addressed, authentic progress will not be obtained. That noted, by addressing the root issues robust growth can occur. https://www.manufacturedhomepronews.com/seeking-alpha-cavco-industries-nasdaqcvco-data-sheds-light-on-recent-manufactured-housing-institute-controversies-plus-manufactured-home-investing-stock-updates/

HUDmustStrengthenPreemptionEnforcementProvideTransparentGuildelinesHUDmustRespondWheneverLocalitiesViolateEnhancedPreemptionBillBoorCEOcavcoIndustriesMHIvChairMHLivingNews — *https://www.manufacturedhomelivingnews.com/double-digit-2023-manufactured-home-production-slide-continues-per-national-manufactured-housing-association-more-new-manufactured-home-living-facts/*

NAHB_PricedOutStudyExposéNearly75%U.S.HouseholdsCannotAffordNewMedianPricedHomeIn2025WhatAboutManufacturedHomesEyeOpeningMHI-MHARR-MHVilleFactsEvidenceAnalysisFEAmhpronews — https://www.manufacturedhomepronews.com/nahb-priced-out-study-expose-nearly-75-of-u-s-households-cannot-afford-new-median-priced-home-in-2025-what-about-manufactured-homes-eye-opening-mhi-mharr-mhville-facts-evidence-analysis-fea/

ManufacturedHousingInstituteMHI-NewsFeedNewsHomePageMHProNewsFacts-EvidenceAnalysis2025-04-21_09-08-18ManufacturedHousingIndustryNewsConsolidationPredatory — https://www.manufacturedhomepronews.com/bipartisan-bicameral-housing-supply-plan-we-need-all-of-the-above-approach-to-fix-u-s-housing-crisis-manufactured-homes-included-in-lawmakers-push-plus-sunday-weekly-mhville-headlines-rec/

PacificLegalFoundationSpotlightsSCOTUS_LegalVictoryForManufacturedHomeOwnerGeorgeSheetzAmericanDreamBuiltOnPropertyRightsWhyHaveWeForgottenThatMHI-MHVilleFEA_MHProNews — https://www.manufacturedhomepronews.com/pacific-legal-foundation-spotlights-scotus-legal-victory-for-manufactured-homeowner-george-sheetz-american-dream-is-built-on-property-rights-why-have-we-forgotten-that-and-mhi-mhville-fea/

BoxablModularHousingSaga190000ReservedWith600BuiltButTalesWoeToldOnlineManufacturedHousingIndustryAndHUD_LessonsLearnedFromRoughly$60000HouseForUnder400SqFtMHProNews — https://www.manufacturedhomepronews.com/boxabl-modular-housing-saga-190000-reserved-with-600-built-but-tales-of-woe-told-online-manufactured-housing-industry-and-hud-lessons-learned-from-roughly-60000-house-fo/

Nearly$2BillionForStartupsButCrunchbaseAIwhyFactoryBuildingNewbiesStruggleDuringAffordableHousingCrisisGoodBadMehForManufacturedHousingPlusMHVilleMarketsUpdateMHProNews — https://www.manufacturedhomepronews.com/nearly-2-billion-for-startups-butcrunchbase-ai-why-factory-building-newbies-struggle-during-affordable-housing-crisis-good-bad-or-meh-for-manufactured-housing-plus-mhvill/

ElderlyUnhappyWomanNextToManufacturedHomeCopilotMHProNews — https://www.manufacturedhomepronews.com/theres-no-american-dream-just-survival-il-dem-rips-frank-rolfe-style-of-mhc-biz-practices-by-name-fresh-rent-control-push-uses-rolfe-as-poster-child-homes-of-america-named-too-mh/

MHVillesHiddenChainsWhyManufacturedHousingLagsInAmericasHousingCrisisGrokUnveilsTheScam_xAI_GrokThesisThisAintTheoryItsaHeistGeminiConfirmsMHProNewsItems-FEA-MHProNews — *https://www.manufacturedhomepronews.com/mhvilles-hidden-chains-why-manufactured-housing-lags-in-americas-housing-crisis-grok-unveils-the-scam-xai-grok-thesis-this-aint-theory-its-a-hei/*

YouDoNotTakeYearsDesignBuildaLoopingRampOntoaBridgeForAnElevatedHighwayThatCirclesaCityWhenAllYouHaveToDoIsWalkAcrossTheStreet.LATonyKovachQuoteEnforceExistingManufacturedHousingLaws — https://www.manufacturedhomepronews.com/masthead/cats-out-manufactured-housing-institute-housing-coalition-letter-to-congress-fact-check-analysis-reveals-what-mhi-nar-nahb-mba-others-did-didnt-request-ai-affordable-housing-surprises-await/

ThereAreManyKindsOfJournalismQuoteConstitutionalResponsibilityKeepInstitutitionsInCheckAmericanPressInstituteMHProNews2 — “There are many kinds of journalism, but at the heart of their constitutional responsibilities, journalists are in the business of monitoring and keeping a check on people and institutions in power.” – American Press Institute.

iReportNewsTipsCommentsSendManufacturedHomeProNews — To report a news tip – either ON or OFF the record – click the image above or send an email to iReportMHNewsTips@mhmsm.com – To help us spot your message in our volume of email, please put the words NEWS TIP or COMMENTS in the subject line.

IsRecessionLoomingJohnCarneyEconDataIncludingHousingInsightsPaulBradleyOnIntegrityCommunitySolutionsHUD_SecScottTurnerPivotPlusSundayWeeklyMHVilleHeadlinesRecapMHProNews — https://www.manufacturedhomepronews.com/is-a-recession-looming-john-carney-econ-data-including-housing-insights-paul-bradley-on-integrity-community-solutions-hud-sec-scott-turner-pivot-plus-sunday-weekly-mhville-headlines-recap/

There are reasons why AI has said that MHProNews has more than 6x the combined readership of MHI and its affiliated bloggers and trade media.

MHVillesTop35InJanFeb2025as_xAIsGROKusingSimilarWebOtherDataStatedManufacturedHomeProNewsHasMoreThan6xTrafficOfManufacturedHousingInstituteAndMHIAlliedBloggersMHProNews — https://www.manufacturedhomepronews.com/mhvilles-top-35-in-jan-feb-2025-as-xais-grok-using-similarweb-other-data-stated-manufactured-home-pro-news-has-more-than-6x-traffic-of-manufactured-housing-institute-and-mhi-allied-b/

Again, our thanks to free email subscribers and all readers like you, as well as our tipsters/sources, sponsors and God for making and keeping us the runaway number one source for authentic “News through the lens of manufactured homes and factory-built housing” © where “We Provide, You Decide.” © ## (Affordable housing, manufactured homes, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) See Related Reports. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)

CongRepAlGreenDeskTamasKovachLATonyKovachPhoto12.3.2019ManufacturedHomeProNews — Our son has grown quite a bit since this 12.2019 photo. All on Capitol Hill were welcoming and interested in our manufactured housing industry related concerns. But Congressman Al Green’s office was tremendous in their hospitality. Our son’s hand is on a package that included the Constitution of the United States, bottled water, and other goodies.

By L.A. “Tony” Kovach – for MHProNews.com.

Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing.

For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

This article reflects the LLC’s and/or the writer’s position and may or may not reflect the views of sponsors or supporters.

http://latonykovach.com

Connect on LinkedIn: http://www.linkedin.com/in/latonykovach

https://www.manufacturedhomepronews.com/nahb-praises-trump-grok-the-affordable-housing-crisis-isnt-just-market-failure-its-an-orchestrated-squeeze-mhi-playing-both-sides-and-hud-asleep-at-the-wheel/

'RockWithGROKasGrokSaysHUD_SecTurnerNeedsBackboneExplainsMHIsAgendaConfirmsMHProNewsAnalysisMoreExclusivesnDeepDivePlusSundayWeeklyMHVilleHeadlinesRecap — *https://www.manufacturedhomepronews.com/rock-with-grok-as-grok-says-hud-sec-turner-needs-backbone-explains-mhis-agenda-confirms-an-mhpronews-analysis-more-exclusives-in-deep-dive-plus-sund/*

InvestopediaAndNPRprobeSevereHousingShortageAskingWillTrumpAndRepublicansHelpOrHarmBroadLookPlusManufacturedHousingFEAwithSundayWeeklyMHVilleHeadlinesRecapMHProNews — https://www.manufacturedhomepronews.com/investopedia-and-npr-probe-severe-housing-shortage-asking-will-trump-and-republicans-help-or-harm-broad-look-plus-manufactured-housing-fea-with-sunday-weekly-mhville-headl/

Snakes!CavcoInsiderAct$Bi-PartisanPolicyCenterOnManufacturedHousingModularHomesOtherFactoryBuiltHousingPlusSundayWeeklyMHVilleHeadlinesInReviewMHProNews — https://www.manufacturedhomepronews.com/snakes-cavco-insider-act-bi-partisan-policy-center-on-manufactured-housing-modular-homes-and-other-factory-built-housing-plus-sunday-weekly-mhville-headlines-in-review/

RootingOutFederalCorporateMediaCorruptionNewDOE_SecretaryChrisWrightOutreachByManufacturedHousingAssociationForRegulatoryReformPlusSundayWeeklyMHVilleHeadlinesReviewMHProNews — https://www.manufacturedhomepronews.com/rooting-out-federal-corporate-media-corruption-new-doe-secretary-chris-wright-outreach-by-manufactured-housing-association-for-regulatory-reform-plus-sunday-weekly-mhville-headlines-review/

RankingAll50StatesForHousingAffordabilityBasedOnU.S.CensusBureauDataGovTrackConfirmationsJoelKotkinBizContinuedToConsolidatePlusSundayWeeklyMHVilleHeadlinesInReviewMHProNews — https://www.manufacturedhomepronews.com/ranking-all-50-states-for-housing-affordability-based-on-u-s-census-bureau-data-govtrack-confirmations-joel-kotkin-biz-continued-to-consolidate-plus-sunday-weekly-mhville-headlines-in-revi/

GulfOfAmericaCasesOfDeepStateVsTrump2.0FederalAgenciesCrediblyAccusedOfThumbingNoseAtTrumpExecutiveDirectiveUSAandMHVilleAnalysisSundayWeeklyHeadlinesReviewMHProNews — https://www.manufacturedhomepronews.com/gulf-of-america-cases-of-deep-state-vs-trump-2-0-federal-agencies-credibly-accused-of-thumbing-nose-at-trump-executive-directive-usa-and-mhville-analysis-sunday-weekly-headlines-review/

BonaFides!2T_Evidence!MrPresidentLetMeTellYouWhatYouKnowThereAreSaboteursInOurRepublicOpEdPlusMHARRsMarkWeissOnTrump2.0andSundayWeeklyMHVilleHeadlinesRecapMHProNewsPic — https://www.manufacturedhomepronews.com/bona-fides-2t-evidence-mr-president-let-me-tell-you-what-you-know-there-are-saboteurs-in-our-republic-op-ed-plus-mharrs-mark-weiss-on-trump-2-0-and-sunday-weekly-mhville-headlines-recap/

SkyViewNationalManufacturedHousingCommunitySaleCompsNovember2024VsUMH_PropertiesNewSiteDevelopmentCostDataFactsWithAnalysisPlusSundayWeeklyMHVilleHeadlinesInReviewMHProNews — https://www.manufacturedhomepronews.com/skyview-national-manufactured-housing-community-sale-comps-november-2024-vs-umh-properties-new-site-development-cost-data-facts-with-analysis-plus-sunday-weekly-mhville-headlines-in-review/

OfficialTotalManufacturedHousingProductionShipmentsInAll50StatesWashingtonD.C.PuertoRicoMHVilleConsolidationFinal2024SundayWeeklyManufacturedHomeIndustryHeadlinesRecapMHProNews — https://www.manufacturedhomepronews.com/official-total-manufactured-housing-production-shipments-in-all-50-states-washington-d-c-puerto-rico-mhville-consolidation-final-2024-sunday-weekly-manufactured-home-industry-headlines-recap/

NAR says Existing-Home Sales Receded 5.9% in March-More Mainstream Housing Data with Manufactured Home Industry Production-Shipments for 50 States; Champion Homes (SKY) Updates; MHVille FEA

Part II – Manufactured Home Production and Shipments in all 50 States, Washington D.C., and Puerto Rico for February 2025

Part III – Additional Information with More MHProNews Analysis and Commentary

Insider Transactions at Skyline Champion

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