GS HOUSING MARKET ACTIVITY SCALE: Week of July 12: Scale Down 4% Sequentially as Purchase Applications Decline While Rates Rise

Research evidence excerpt

GS HOUSING MARKET ACTIVITY SCALE: Week of July 12: Scale Down 4% Sequentially as Purchase Applications Decline While Rates Rise

Equity Research

21 July 2026 | 12:01AM EDT

GS HOUSING MARKET ACTIVITY SCALE

Week of July 12: Scale Down 4% Sequentially as Purchase Applications

Decline While Rates Rise

Key Indicators Decline Sequentially Susan+1(212)357-3906Maklari|Exhibit 1: GS Housing Activity Weekly Scale

Led by Purchase Apps: For the week of susan.maklari@gs.comGoldman Sachs & Co. LLCHolds at 4

Week of 07/12/26 July 12, the index was down 4% Charles Perron-Piche, CFA

sequentially but up 6% YOY, putting it +1(917)343-1847 | charles.perron-

piche@gs.com

18% below the long-term average. Goldman Sachs & Co. LLC

Results were led by a decline across Rhea Bhatia

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

most data points we track including Goldman Sachs India SPL

purchase applications down 7% Galilee Best

sequentially. We also note a 1% +1(212)902-7208Goldman Sachs & Co.| galilee.best@gs.comLLC

deterioration across median days on

market, percent of homes off market in

two weeks and active listings while the

Source: Goldman Sachs Global Investment Research mortgage rate rose 6bps to 6.55%. The

sequential move is in-line with 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

determine averages, outliers, and differing operating environments. As such, a