Home builders rallied Tuesday, led by D.R. Horton (NYSE:DHI), which reported stronger-than-expected earnings and revenue amid continued improvement in market conditions.
Tuesday’s announcement follows strong numbers yesterday from NVR (NYSE:NVR).
This will raise the bar for the others that are due to report results in the coming days: M/I Homes (NYSE:MHO) Wednesday, PulteGroup (NYSE:PHM) and Ryland (NYSE:RYL) on Friday, and M.D.C Holdings (NYSE:MDC), Meritage Homes (NYSE:MTH), and Standard Pacific (NYSE:SPF) out next week. Despite Tuesday’s surge, the group is down an average of 3.5% in January on worries that rising borrowing costs will crimp sales.
Home Builder Stocks Surge