US house prices continue to go through the roof. Across America, home prices — as measured by one closely watched benchmark, the S&P Corelogic Case-Shiller index — rose nearly a fifth in May from a year ago.
Yet that has done little for homebuilding stocks. The S&P Homebuilders Select Industry index is down 25 per cent so far this year, outpacing losses on the S&P 500 index. Shares in the country’s big builders — DR Horton, Lennar, NVR, PulteGroup and Toll Brothers — have all pulled back to trade at or just slightly above book value.
Higher house prices, it turns out, mean very little when affordability has been crimped by mortgage rates that have jumped 200 basis points since the start of the year.
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