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Why Meritage Homes Was Soaring Last Week

·2 min read
Why Meritage Homes Was Soaring Last Week
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Shares of Meritage Homes (NYSE: MTH) surged nearly 13% last week, far outpacing the Dow Jones Industrial Average, which actually ended the week slightly down, after the homebuilder reported exceptionally strong second-quarter results. The impact is evident in Meritage Homes' performance, which saw the number of home orders decline 2% year over year, but prices were 18% higher. With lumber prices at unprecedented levels until only recently, the cost of building a home is rising, but leading to a shortage of housing despite rising demand.