Homebuilders and Building Products: Weekly punch list: ITB up 6%, NHS down, KBH guide beat, SITE in-line, ROAD halts

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Homebuilders and Building Products: Weekly punch list: ITB up 6%, NHS down, KBH guide beat, SITE in-line, ROAD halts

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Homebuilders and Building Products

Weekly punch list: ITB up 6%, NHS down,

KBH guide beat, SITE in-line, ROAD halts

Industry Overview

28 June 2026

ITB rebound continues; July usually favorable seasonality

EquityAfter significantly underperforming since February, the ITB has rebounded sharply since

United States

mid-May, rising 22% versus a flattish S&P 500. Year-to-date, ITB is now up +8.9% vs. Homebuilders and Building Products

the S&P 500 at +7.4%. July has historically been the second-strongest month for ITB

over the past 15 years (+3.5% on average vs. +2.6% for the S&P), with positive returns Rafe Jadrosich

in each of the last seven years. ResearchBofAS Analyst

New home sales decline in May: South/West remain weak +1rafe.jadrosich@bofa.com646 855 5815

Census Bureau May new home sales fell 7% MoM to a 580k SAAR, down 7% YoY and the Shaun Calnan, CFA

lowest level since January, reflecting pressure from elevated mortgage rates and Research Analyst

BofAS

inflation. Regional trends were mixed, with declines in the West and South offset by +1 646 855 1362

gains in the Midwest and Northeast. The median price rose modestly to $424.9k, though shaun.calnan@bofa.com

builders continue to lean into smaller product and incentives to support affordability. Victoria Piskarev

Research Analyst

Inventory declined 1.4% YoY but still stands at an elevated 10.3 months of supply. BofAS

KBH F2Q: in-line; BTO/regional mix to support 2H margins +1victoria.piskarev@bofa.com646 855 0657

KB Home reported in-line F2Q results, and we raise estimates on a stronger 2H gross

margin outlook (see note: Raise estimates on favorable BTO/region mix in 2H). Demand