Week of July 5: Scale Up 2% Sequentially Led by Rising Sales and Decline in Active Listings

Research evidence excerpt

Week of July 5: Scale Up 2% Sequentially Led by Rising Sales and Decline in Active Listings

Equity Research

14 July 2026 | 12:05AM EDT

GS HOUSING MARKET ACTIVITY SCALE

Week of July 5: Scale Up 2% Sequentially Led by Rising Sales and

Decline in Active Listings

Increasing Home Sales and Lower Susan+1(212)357-3906Maklari|Exhibit 1: GS Housing Activity Weekly Scale

Listings Partially Offset by Moves in susan.maklari@gs.comGoldman Sachs & Co. LLCHolds at 4

Week of 07/05/26 Mortgages: For the week of July 5, the Charles Perron-Piche, CFA

index was up 2% sequentially and 5% +1(917)343-1847 | charles.perron-

piche@gs.com

YOY, putting it 15% below the Goldman Sachs & Co. LLC

long-term average. Results were led by Rhea Bhatia

+1(332)245-7517 | rhea.bhatia@gs.com

a 4% increase in home sales combined Goldman Sachs India SPL

with active listings down 2% Galilee Best

sequentially and an improvement in +1(212)902-7208Goldman Sachs & Co.| galilee.best@gs.comLLC

median days on market. These factors

were partially offset by purchase

applications down 1% vs last week

Source: Goldman Sachs Global Investment Research along with a contraction in homes off

market in two weeks and median new listing prices while mortgage rates rose 6bps to

6.49%. The sequential move is despite our channel checks that suggest activity

remains tepid. Given the set-up, we are focused on names with company-specific

initiatives, including the potential for capital allocation, and highlight Buy-rated IBP.

Should conditions for the builders improve, we see the greatest upside to MTH and

DHI given their exposure to the entry-level along with a disciplined approach to

balancing margins and uses of cash.

How it Works: In developing the scale, we went back over 50 years of data to