Housing stocks are on fire after a bruising 2018, even as some of the data weakens.
Single-family home sales
jumped in February to the highest level in nearly a year, up 0.6% since the same time a year ago. That measure tends to be sensitive to mortgage rates. "While housing data has been a bit soft, it is not yet problematic," said Jonathan Golub, the chief US equity strategist at Credit Suisse, in a note to clients on Monday.Credit SuisseBank of America Merrill Lynch analysts recently visited three major homebuilding markets in Texas to gauge how demand trends were playing out. They were encouraged by visits to Dallas-Fort Worth, Houston, and Austin.
"The most significant takeaway was that demand has re-accelerated in 2019, particularly at affordable price points," analysts John Lovallo and Peter Galbo wrote in a note to clients last week."This theme has been consistent across all the markets we have visited YTD."
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