GS HOUSING MARKET ACTIVITY SCALE: Week of June 14: Scale Flat Sequentially as Move in Purchase Apps is Offset by Prices and Lower Rates

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GS HOUSING MARKET ACTIVITY SCALE: Week of June 14: Scale Flat Sequentially as Move in Purchase Apps is Offset by Prices and Lower Rates

Equity Research

23 June 2026 | 12:01AM EDT

GS HOUSING MARKET ACTIVITY SCALE

Week of June 14: Scale Flat Sequentially as Move in Purchase Apps is

Offset by Prices and Lower Rates

Decline in Purchase Apps and Sales Susan+1(212)357-3906Maklari|Exhibit 1: GS Housing Activity Weekly Scale

Offset by Lower Rates and Improved susan.maklari@gs.comGoldman Sachs & Co. LLCHolds at 4

Week of 06/14/26 Prices: For the week of June 14, the Charles Perron-Piche, CFA

index was flat sequentially and up 7% +1(917)343-1847 | charles.perron-

piche@gs.com

YOY, putting it 15% below the Goldman Sachs & Co. LLC

long-term average. Results were mixed Rhea Bhatia

+1(332)245-7517 | rhea.bhatia@gs.com

as a 3% sequential decline in purchase Goldman Sachs India SPL

applications and home sales off 1% Galilee Best

were offset by a 1% gain in median sale +1(212)902-7208Goldman Sachs & Co.| galilee.best@gs.comLLC

price along with a sequential

improvement in new listing prices while

the mortgage rate declined 5bps to

Source: Goldman Sachs Global Investment Research 6.47%. The recent volatility comes as

our channel checks and builder results show a moderation in sales into the summer

despite overall pent-up demand for housing. Given the set-up, we are focused on

names with company-specific initiatives, including the potential for capital

allocation, and highlight Buy-rated IBP. Should conditions for the builders improve,

we see the greatest upside to MTH and DHI given their exposure to the entry-level

along with a disciplined approach to balancing margins and uses of cash.

How it Works: In developing the scale, we went back over 50 years of data to