Consumers still want to buy new houses and live the proverbial suburban American dream, especially since Covid-19 is still a major concern.
Home improvement retail giant Lowe's issued a disappointing sales outlook Wednesday morning. Meanwhile, home builder Lennar reported results Wednesday afternoon that missed forecasts. The company cited supply chain issues and higher lumber costs. Lennar shares fell 4% Thursday.
Horton are also trading near all-time high levels, as is home leasing real estate investment trust Invitation Homes . Lowe's recently hit a record high, too, and rival Home Depot , the top performing Dow stock this year, is close to one as well. The SPDR S&P Homebuilders ETF , which owns shares of most of the major builders as well as suppliers and retailers, is up nearly 50% this year.
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