Homebuilding - Weekly Coverage Update 6.22.2026

Research evidence excerpt

Homebuilding - Weekly Coverage Update 6.22.2026

Truist Securities

Equity Research Report June 22, 2026

INDUSTRIALS: Homebuilding

Homebuilding - Weekly Coverage Update

6.22.2026 Jonathan Bettenhausen The Weekly Update note provides a quick recap of the prior week in the Homebuilding

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Jonathan.Bettenhausen@truist.com sector, as well as a look forward at key dates in the weeks ahead.

13 Page Document Recap From Last Week: Our coverage outperformed the S&P 500, returning 1.8%

compared to the 0.9% from the index during the holiday-shortened week. Toll Brothers

(TOL, Buy) led the group, up 5.8%, while Lennar (LEN, Hold) lagged and finished the

Reasons for this report week -0.6%. Rates on the 10-yr and mortgages were down somewhat during the week.

However, after a steady rise over the last few months, T-Bill rates spiked after the Fed

✓ Sector Update meeting last week. The 6-month yield is now over 3.90%, well above the current target

✓ Weekly Preview and Recap range as the probability for a rate hike in the back half of the year grows. Housing starts

last week showed that construction activity in May continued to work lower. Note links

from the past week:

• Building Products/Homebuilding - Housing Starts Fall Well Short of Consensus In

May

• TMHC - Quick Take - Proxy Filing Does Not Indicate Other Seriously Interested

Parties

Upcoming This Week: KB Home (KBH, Hold) will report their second quarter earnings

after the close tomorrow (6/23). The stock has outperformed MTD, with a good part

of that on potential M&A readthroughs from the Taylor Morrison (TMHC, Hold) deal.

However, it has been the third-worst performer in our coverage since the end of March.

Note that LEN and NVR (NVR, Hold) have performed worse over that time frame. For