Homebuilding - Weekly Coverage Update 6.29.2026

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Homebuilding - Weekly Coverage Update 6.29.2026

Truist Securities

Equity Research Report June 30, 2026

INDUSTRIALS: Homebuilding

Homebuilding - Weekly Coverage Update

6.29.2026 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: Our coverage outperformed the S&P 500, returning 7.0%

on average compared to the 2.0% decline from the index during week. Homebuilding

stocks were helped by lower interest rates, the housing bill passing congress, and

Reasons for this report positive read-throughs from KB Home (KBH, Hold). KBH led the group, up 14.8%, and

was followed by Meritage (MTH, Buy), up 12.5%. Lennar (LEN, Hold) was a bit of a

✓ Sector Update laggard during the week, only returning 4.2%. Below are links to our relevant notes from

✓ Weekly Preview and Recap the past week, including our take on the housing bill and our recap from KBH earnings:

• Homebuilding - 21st Century ROAD to Housing Passes Congress; Closer Look At

Bill And Implications

• Homebuilding - May New Home Sales Fall Short Of Consensus

• KBH - 2Q26 Earnings - Pathway To Margin Expansion More Clear, But Still Work To

Be Done; PT to $56 from $50

Upcoming This Week and Further Out: This will be another holiday-shortened week

and housing related data releases will be limited. Today (6/30) there will be home price

data from both the FHFA and Case-Shiller home price data. Note that these releases

are on a bit of a lag and cover April. KBH was the last of the off-cycle earnings releases

for our coverage. On-cycle earnings will commence in late July, with D.R. Horton (DHI,