3 Homebuilding Stocks Taking Off in July

Homebuilder stocks DHI, PHM, and LEN have all hit record highs within the past week

Laura McCandless

Deputy Editor

Jul 23, 2024 at 2:39 PM

Homebuilding stocks -- hypersensitive to rates and the U.S. economy -- are on the rise as investors rotate away from growth stocks into cyclicals due to increased prospects of an interest rate cut in September. Three sector stalwarts, D. R. Horton Inc (NYSE:DHI), PulteGroup Inc (NYSE:PHM), and Lennar Corp (NYSE:LEN), staged impressive rallies after surging past pressure at the beginning of this month.

DHI is up 0.2% at $177.47 at last glance, and earlier inched to a fresh record high of $178.71. The stock has added roughly 26% since the start of July, and is now up 16.9% since the start of 2024.

PulteGroup stock shot to a record high of its own just last week with a July 18 peak of $129.85. The equity is still fairly close to those levels, trading flat at $125.64 at last look. Year to date, PHM is up 21.7%, having added 14% since the start of this month.

Lennar stock is up 0.8% at $173.88 at last check, nearing its July 18 record peak of $177.79. This month's rally has the stock enjoying a 16.7% year-to-date lead after pushing past a ceiling at the $71 region. Plus, the stock inched higher last session despite a downgrade to "neutral" at Goldman Sachs.

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