The Housing Market Is Approaching Its Slow Season. Why Home Builder Stocks Might Not Be.

Home sales look set to end the typically-hot summer season on a muted note as mortgage rates hover above 7%. But the new home market—and home builder stocks—could just be getting started.

August data from the Mortgage Bankers Association, meanwhile, suggest that home purchase demand remained low overall last month. Newsletter Sign-up While the existing-homes market—which generally comprises the bulk of all home sales—remains challenged, it’s a different story in new construction. Builders this year have benefited from the housing market’s short supply, data suggest: New home sales, a government measure based on contract signings, increased in July to the highest seasonally-adjusted level since February 2022.

“There’s nothing from the public builders that they’ve said publicly that makes me think that August is unusually weak,” Reichardt says.

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