Shares of U.S. home-building companies have fallen more than 20 percent since May, even as home-improvement retailers rose to a record high, a sign some investors are too pessimistic that higher mortgage rates could derail new construction.
The Standard & Poor’s Supercomposite Homebuilding Index—which includes PulteGroup Inc., Lennar Corp. and nine other companies—has declined 21 percent since reaching the highest level in almost six years on May 14. Meanwhile, the S&P 500 Home Improvement Retail Index—comprising Home Depot Inc. and Lowe’s Cos.—has risen 5.2 percent.
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