Housing data from the US
- Prior was +3.98%
- Prices up 0.04% m/m vs +0.3% expected
- National index +4.46% y/y vs +4.61% prior
This is a bit softer than expected but I think the US housing market is strong. A better picture comes from home-building giant DR Horton, which reported earnings today and the conference call is ongoing. Here are some highlights so far:
- July order growth 'consistent' with May and June
- May and July grew by more than 50%
- Increasing housing starts to boost supply of 'spec' homes
- Says it has increased pace of land investment
Shares are up 3.2% in the premarket.