Tale of the Tape: Weekly Thoughts, Equity Performance, Valuation Tables, and Chart of the Week

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Tale of the Tape: Weekly Thoughts, Equity Performance, Valuation Tables, and Chart of the Week

JuneJune7, 20267, 2026

House Views

Housing equity performance was mixed this past week. The HB equities gained +4.4%, while the BP equities declined -3.7%. This

compares to a -2.6% S&P decline. Excluding TMHC’s +22.3% acquisition driven gain, the HBs advanced +2.6%, with the deal

announcement providing valuation support for other SMID-Cap Builders. LGIH outperformed as May Closings beat our estimate by

19% and Closings increased +20% YoY. Except for TOL (-0.5%) and DHI (-1.0%), all HB equities gained. Excluding FBIN (+0.3%) all BP

equities declined. Clearly, Berkshire Hathaway’s 24% acquisition premium for TMHC was a tailwind for the HB equities appreciating

the 8 bp increase in the 10-year yield to 4.52%, while the move higher in oil intraweek likely weighed on the BPs. There was not any

housing-related macro news providing direction for the group with eyes next week focused on LEN’s F2Q report AMC Thursday. This

week 6 equities increased more than 2%, while 7 declined more than 2%. KBH (+6.5%) and SDHC (+6.0%) were the top performers

behind TMHC, while QXO (-8.6%) was the worst performer. SMID-Cap HBs outperformed Large Cap builders by 6.9 PPTs (+2.9 PPTs ex

TMHC) as investors handicap future potential homebuilder consolidation. Please see our report detailing HB industry consolidation.

Each week, we provide a "chart of the week" often pulled from our Monthly Compendium. This week we review our estimates

versus Consensus ahead of LEN earnings on Thursday/Friday.

Top Equities This Week: TMHC +22.3%, KBH +6.5%, SDHC +6.0%, LGIH +5.3%

Bottom Equities This Week: QXO -8.6%, OC -5.3%, MHK -4.2%, TREX -4.2%

Historical June Equity Performance: HBs -0.3%, BPs -0.6%, S&P -0.1%