by Karl Utermohlen | December 18, 2013 12:13 pm
KB Home (KBH) was one of many homebuilders to have a strong start to 2013 before leveling off over the last few months.
KBH stock peaked in mid-May when shares were selling for close to $25 but KBH stock has gone back down to $17 a share since then. Along with most homebuilders, the KB Home surge took a halt due to concerns over rising interest rates.
Today, though, KBH stock is back in the black. Shares of KB Home opened to 3% gains, although they have since cooled off.
The catalyst: Solid data about U.S. housing starts. Housing starts in November reached their highest levels in six years.
Still, KBH stock is only up around 8% year-to-date, while the broader market has gained more than three times that.
Another thing to keep an eye on with KB Home: The company will report fourth-quarter earnings tomorrow. KB Home is optimistic about “strategic growth plans and strong housing fundamentals comprising steady demand and constrained supply.”
Lennar (LEN) shares have also been doing well today, with LEN stock up 2.61% in early Wednesday trading.
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