US home prices increased at a new record 19.9% yoy in July 2021, following a 19.1% rise in June S&P as measured by the CoreLogic Case-Shiller 20-city home price index. Biggest rises were Phoenix (32.4%), San Diego (27.8%), and Seattle (25.5%)
US May existing and new home sales both came out much lower than expected. It shouldn’t be that big a surprise given just how much prices have risen and how many people have been financially crippled by the COVID lockdown. Low inventory also frustrated potential buyers.
KB Homes reported better than expected Q1 earnings after the market Tuesday on lower than expected revenue from the weatherand power issues in Texas. The stock was higher with other homebuilders after robust order numbers. $KBH had the company’s highest backlog level in the last 15 years.
KB Homes reported better than expected Q3 earnings after the market Tuesday. The stock jumped 3% after it had been bid up over 4% with other homebuilders after a robust existing housing sales number before the report. A rise in homesales since the COVID lockdown has suprised many experts..
Leading luxury homebuilder Toll Brothers reported better than expected first-quarter earnings Wednesday. The stock $TOL rose over 9% on the report after being up over 9% earlier, up 18% on the day on hopes of recovery. Home sales revenues were $1.52 billion, down 11%
New home sales for April surprise with a much higher 623K versus a 480K estimate, that is a 0.6% vs. -23.4% estimate. This follows a revised 619K in March. May will be watched to see how many contracts are completed due to the Covid Lockdown.
US pending home sales fell a sharp -4.9% v +0.5% estimates, in contrast to December existing home sales rising to 5.54M v 5.43M expected. Mortgage data has been volatile but stronger in late 2019 flowing onto housing as the stockmarket hit all time highs.
US existing home sales rose to 5.54M v 5.43M expected and the prior 5.35M, up +3.6%% v +1.5% expected. Mortgage data has been volatile but stronger in late 2019 flowing onto housing as the stockmarket hit all time highs.
Leading luxury homebuilder Toll Brothers reported a better than expected fourth-quarter earnings Monday. Net deliveries beat expectations with 2,672 units versus the consensus estimate 2,566 units.
Home Depot dissappointed with it’s three quarter earnings report, sending $HD down over 5%, no mean feat with $SPX and $DJIA at ATH. The Home Depot analyst update thus has low analyst expectations.