Homebuilders

Year-over-year consumer dollars for home remodeling projects should drop 0.5% by 2Q25, after a 3% decline for the trailing 12 months, said the Joint Center for Housing Studies of Harvard University.

Total housing starts increased 3% to a 1.35 million annualized rate last month, driven by a 19.6% surge in multifamily construction, according to government data released Wednesday.

Confidence among U.S. homebuilders fell for a third straight month in July as elevated interest rates weighed on sales and kept construction financing costs high.

While the pace of consumer inflation is showing signs of slowing, building material costs are running counter to the trend, according to the National Association of Home Builders.

Shares of real estate companies jumped as much as 3.1% Thursday for their biggest intraday gain of 2024, climbing to their highest level since March as investors snap up homebuilder, digital and commercial real estate stocks alike.

Lennar's ratings were cut by analysts at both Citigroup and Raymond James, while the former also dropped their views on D.R. Horton.

New home construction in the US slumped in May to the slowest pace in four years, as higher-for-longer interest rates sap the housing industry's momentum from earlier this year.

U.S. homebuilder sentiment unexpectedly declined in June to the lowest level this year as mortgage rates near 7% limited prospective-buyer interest and weighed on the demand outlook.

While not-in-my-backyard activists have long fought new developments, local officials and business groups across the South say they've seen a heightened level of anger since the pandemic-era growth.

Borrowers still sought opportunities in the homebuilder market with activity trending upward for over a year, even as existing inventory showed signs of expanding.