30-Year Mortgage Falls Below 3% For The First Time In History
Homebuilders have never been busier as they rush to meet the swelling demand. New home sales are spiking with June showing a 55% surge (year-over-year), the largest uptick since the 2005 housing boom.
The global pandemic and ultra-low interest-rates have millennials rushing to the burbs.
Homebuilder stocks have skyrocketed from their March lows. D.R. Horton DHI, the largest homebuilder in the US, is now sitting at its all-time highs. Competitors like PulteGroup PHM, Toll Brother TOL, and KB Home KBH are following suit.
I suspect that this uptick in home sales will continue through the year as the economy recovers. Homebuilder stocks may not be a bad place to buy as these stocks begin to break out.
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PulteGroup, Inc. (PHM): Free Stock Analysis Report
Toll Brothers Inc. (TOL): Free Stock Analysis Report
KB Home (KBH): Free Stock Analysis Report
D.R. Horton, Inc. (DHI): Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.