Homebuilding - Weekly Coverage Update 5.18.2026

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Homebuilding - Weekly Coverage Update 5.18.2026

Truist Securities

Equity Research Report May 18, 2026

INDUSTRIALS: Homebuilding

Homebuilding - Weekly Coverage Update

5.18.2026 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

significantly, finishing down 8% on average versus a flat result from the S&P. PulteGroup

(PHM, Buy) finished the week down 6% and was our best performer, while KB Home

Reasons for this report (KBH, Hold) and Meritage (MTH, Buy) were the worst performers in the group, both

down 9%. Volatility in the group continues to be driven by increases in 10yr yields. Yields

✓ Sector Update finished up 26 basis points to 4.63% for the week. Note that 10yr yields have not been

✓ Weekly Preview and Recap above 4.6% since May of last year. Despite the increase in 10yr yields, the Freddie Mac

PMMS showed a moderate decline. However, the PMMS comes out on Thursday, and

we saw a significant MBS sell off on Friday, thus would expect that real time mortgage

rates finished the week up w/w. Last week, we took a look at recent MBS data from

SIFMA and related bank MBS holding trends. See the links below to access this note,

as well as other relevant recent notes. Note links:

• Homebuilding - More Potential Consolidation; DFH Makes Offer For BZH

• Homebuilding - Digging Into April SIFMA Data, Rates and Bank MBS Holdings

• TOL - Examining Potential Pressure Point In TOL Stock Ahead Of Earnings Report;

Little Margin For Error

Upcoming This Week and Further Out: It will be a fairly heavy data week this week