Housing Completions Jump, Wayfair's Strategy, and HNI's Outlook

Originally published February 21, 2025. This version was rebuilt from the Census Bureau's new residential construction report, Wayfair's results and HNI's results for the FIN archive, and the facts are as of that date.

Late February 2025 brought good news on finished homes and a steadier picture from the largest online furniture seller. Office and home building suppliers saw better order trends too.

The short version

• Census and HUD said January completions were 1,651,000, up 9.8% from a year earlier.
• Wayfair reported fourth-quarter net revenue of $3.1 billion, up 0.2%.
• HNI said Residential Building Products orders grew eight percent.

Completions jump

Privately owned housing completions ran at an annual rate of 1,651,000 in January, 7.6% above December and 9.8% above January 2024. Starts fell 9.8% to 1,366,000.

Completed homes are the most direct link between housing and furniture, because new owners furnish them within months. A strong run of completions supported demand into the spring even as starts slowed.

Wayfair's strategy

Wayfair reported total net revenue of $3.1 billion, up 0.2%, with U.S. net revenue up 1.1% to $2.7 billion and international down 5.7%. It ended the year with 21.4 million active customers.

Flat sales at the largest online furniture seller showed that e-commerce was not taking share quickly in 2025.

HNI's cautious outlook

HNI reported fourth-quarter net sales of $642.5 million and net income of $38.3 million. Its Residential Building Products orders grew eight percent, and the segment backlog was up double digits.

HNI said consolidated net sales growth is expected to return in 2025, with most of the increase coming from Workplace Furnishings.

What it means

Completions, steady online sales and better orders at suppliers pointed to a firmer first half. The open question was how long housing strength would last with starts falling.

Related on FIN

• Move-In Furniture Tickets Are Drying Up
• Every Door in Town

Sources

• U.S. Census Bureau and HUD, New residential construction, January 2025
• Wayfair, Fourth quarter and full year 2024 results (SEC exhibit 99.1)
• HNI Corporation, Fourth quarter and fiscal 2024 results (SEC exhibit 99.1)