U.S. existing home sales plunged to their lowest level in over 13 years in October 2023, mainly due to climbing mortgage rates and a scarcity of available houses.
While home builder sentiment continues to decline into November, home builders are also expecting single-family housing starts to see a 5% bump in 2024, according to the National Association of Home Builders. Yahoo Finance takes a closer look at NAHB data, monitoring home builder stocks and discussing pressures on home pressures ahead of the new year. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
The current interest rate environment is driving mortgage rates higher, which in turn are having their own effect on homebuilder stocks, such as D.R. Horton (DHI), Lennar (LEN), and PulteGroup (PHM). Many stocks across the homebuilding sector have been noted to be in a downturn since the Federal Reserve's rate pause last week. Yahoo Finance's Jared Blikre joins the show to break down how these stocks are performing amid elevated volatility. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.