Homebuilding - Weekly Coverage Update 5.11.2026

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Homebuilding - Weekly Coverage Update 5.11.2026

Truist Securities

Equity Research Report May 11, 2026

INDUSTRIALS: Homebuilding

Homebuilding - Weekly Coverage Update

5.11.2026 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: Last week, our coverage underperformed the S&P 500,

finishing down 2% on average versus a 2% gain from the S&P. Lennar (LEN, Hold)

finished the week flat and was our best performer, while KB Home (KBH, Hold) was the

Reasons for this report worst performer, down almost 4%. Treasury note yields were modestly lower, but 30yr

mortgage rates rose 7 bps for the second week in a row, increasing the rate spread

✓ Sector Update back up to 200 bps. We published a handful of notes last week, most notably including

✓ Weekly Preview and Recap our key takeaways from management meetings with Taylor Morrison (TMHC, Buy) and

Meritage (MTH, Buy). Note links:

• MTH - Management Meeting Takeaways - Unique Approach Continues To Stand Out

In Lower-ASP Peer Group

• TMHC - Management Meeting Takeaways - ROE Upside Should Reward Patient

Investors; Update on Esplanade And Yardly

• PHM - Quick Take - An Unlikely Entrant Into The Data Center Conversation With

SPAN Partnership

• Homebuilding - March New Home Sales Beat Consensus

• KBH - Lowering Estimates And Price Target Following CFO Departure

Announcement

Upcoming This Week and Further Out: Housing-related data this week is fairly light,

the NAR's Existing Home Sales release came out today and covered the month of April.

Results fell short of consensus estimates and hovered around the 4 million unit annual

run rate.