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周一,伯克希尔-哈撒韦公司向美国证券交易委员会(U.S. Securities and Exchange Commission)披露已投资美国三大房屋建筑商:霍顿公司(D.R. Horton,《财富》美国500强排名第120位)、莱纳房屋公司(Lennar,《财富》美国500强排名第119位)以及NVR公司(《财富》美国500强排名第376位)。
伯克希尔-哈撒韦公司共购买了5969714股霍顿公司股票、152572股莱纳房屋公司股票以及11112股NVR公司股票。这些股票价值超过8亿美元,其中持有的霍顿公司股票价值超过7亿美元。
虽然伯克希尔-哈撒韦公司首席执行官沃伦·巴菲特(Warren Buffett)并未公开说明这笔投资背后的动机,但可以肯定的是该公司购买这些股票的同时美国房屋建筑商股票正在大幅上涨。
今年,房屋建筑商行业的表现十分出色,霍顿公司和莱纳房屋公司的股价迄今分别上涨了38.0%和36.2%。紧随其后的是NVR公司,今年以来上涨了33.5%。相比之下,标准普尔500指数(S&P 500 index)今年上涨了16.3%。
推动这一增长的原因可以归结为:去年,房贷利率大幅上涨的冲击导致房价暴跌,新房销售量随之急剧下跌,而该数值在2023年有所回升。
新建房屋行情的改善转化为了2023年6月新房销售量同比增长23.8%。尽管如此,目前的新房销售量仍然比本轮周期的峰值低32.2%,后者出现在2020年8月新冠疫情房地产热潮最火热的时期。
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新房销售量反弹的一个主要原因在于,房屋建筑商实施了创新策略以提高市场的住房负担能力并吸引购房者。不同于库存依然紧张、房价居高不下的现房市场,在新房市场中,房屋建筑商降低了净有效房价。这类改善负担能力的举措包括提供房贷利率买断的购房方式、允许交付时退款以及降低房产价格。
霍顿公司首席执行官戴维•奥尔德今夏早些时候对《财富》杂志表示:“为了解决市场的负担能力问题,我们增加了市场激励措施,并根据需要调整了房屋的基本价格。我们近期最有成效的激励措施是提供利率买断的购房方式。我们针对30年期固定利率贷款的利率通常比贷款期限内的市场利率低一个点。”
此外,房屋建筑行业还受益于市场上现房库存的不足。这一点,再加上前面提到的提高可负担能力的策略,推动新建房屋的吸引力进一步增强。由现房稀缺产生的对有限现房的竞争促使潜在买家考虑购买新房,从而提振了房屋建筑商的房屋销售量。
而且,房屋短缺可能会持续数年。
事实上,德意志银行(Deutsche Bank)不久前发布的一份报告得出结论称,美国房地产市场去年只不过度过了一场周期中期危机,房屋供应短缺将会让建筑商在未来多年里忙得不可开交。
霍顿公司首席执行官戴维•奥尔德今年6月对《财富》杂志说:“目前很难确切地说美国房市在多大程度上供不应求,但我坚信当前房市中新房和现房的供应都极其不足,而由于受到房地产行业开发和建筑能力的制约,这种情况可能会持续多年。”(财富中文网)
译者:中慧言-刘嘉欢
周一,伯克希尔-哈撒韦公司向美国证券交易委员会(U.S. Securities and Exchange Commission)披露已投资美国三大房屋建筑商:霍顿公司(D.R. Horton,《财富》美国500强排名第120位)、莱纳房屋公司(Lennar,《财富》美国500强排名第119位)以及NVR公司(《财富》美国500强排名第376位)。
伯克希尔-哈撒韦公司共购买了5969714股霍顿公司股票、152572股莱纳房屋公司股票以及11112股NVR公司股票。这些股票价值超过8亿美元,其中持有的霍顿公司股票价值超过7亿美元。
虽然伯克希尔-哈撒韦公司首席执行官沃伦·巴菲特(Warren Buffett)并未公开说明这笔投资背后的动机,但可以肯定的是该公司购买这些股票的同时美国房屋建筑商股票正在大幅上涨。
今年,房屋建筑商行业的表现十分出色,霍顿公司和莱纳房屋公司的股价迄今分别上涨了38.0%和36.2%。紧随其后的是NVR公司,今年以来上涨了33.5%。相比之下,标准普尔500指数(S&P 500 index)今年上涨了16.3%。
推动这一增长的原因可以归结为:去年,房贷利率大幅上涨的冲击导致房价暴跌,新房销售量随之急剧下跌,而该数值在2023年有所回升。
新建房屋行情的改善转化为了2023年6月新房销售量同比增长23.8%。尽管如此,目前的新房销售量仍然比本轮周期的峰值低32.2%,后者出现在2020年8月新冠疫情房地产热潮最火热的时期。
新房销售量反弹的一个主要原因在于,房屋建筑商实施了创新策略以提高市场的住房负担能力并吸引购房者。不同于库存依然紧张、房价居高不下的现房市场,在新房市场中,房屋建筑商降低了净有效房价。这类改善负担能力的举措包括提供房贷利率买断的购房方式、允许交付时退款以及降低房产价格。
霍顿公司首席执行官戴维•奥尔德今夏早些时候对《财富》杂志表示:“为了解决市场的负担能力问题,我们增加了市场激励措施,并根据需要调整了房屋的基本价格。我们近期最有成效的激励措施是提供利率买断的购房方式。我们针对30年期固定利率贷款的利率通常比贷款期限内的市场利率低一个点。”
此外,房屋建筑行业还受益于市场上现房库存的不足。这一点,再加上前面提到的提高可负担能力的策略,推动新建房屋的吸引力进一步增强。由现房稀缺产生的对有限现房的竞争促使潜在买家考虑购买新房,从而提振了房屋建筑商的房屋销售量。
而且,房屋短缺可能会持续数年。
事实上,德意志银行(Deutsche Bank)不久前发布的一份报告得出结论称,美国房地产市场去年只不过度过了一场周期中期危机,房屋供应短缺将会让建筑商在未来多年里忙得不可开交。
霍顿公司首席执行官戴维•奥尔德今年6月对《财富》杂志说:“目前很难确切地说美国房市在多大程度上供不应求,但我坚信当前房市中新房和现房的供应都极其不足,而由于受到房地产行业开发和建筑能力的制约,这种情况可能会持续多年。”(财富中文网)
译者:中慧言-刘嘉欢
On Monday, Berkshire Hathaway disclosed to the U.S. Securities and Exchange Commission that it had made investments in three major U.S. homebuilders: D.R. Horton (No. 120 on the Fortune 500), Lennar (No. 119 on the Fortune 500), and NVR (No. 376 on the Fortune 500).
In total, Berkshire Hathaway bought 5,969,714 shares of D.R. Horton, 152,572 shares of Lennar, and 11,112 shares of NVR. Those shares are worth over $800 million—with more than $700 million of it being in D.R. Horton.
While Berkshire Hathaway CEO Warren Buffett did not publicly state the motive behind this investment, these stock purchases do coincide with a remarkable surge in U.S. homebuilder stocks.
This year has witnessed an impressive performance in the homebuilder sector, with D.R. Horton and Lennar up 38.0% and 36.2%, respectively, year to date. Not too far behind is NVR, which is up 33.5% this year. For comparison the S&P 500 index is up 16.3% this year.
The driving force behind this growth can be attributed to the fact that new-home sales in 2023 have rebounded somewhat, following the sharp pullback that took place amid last year’s mortgage rate shock-induced housing slump.
This new-construction improvement has translated into new-home sales climbing 23.8% year over year in June 2023. That said, new-home sales are still 32.2% below the cycle’s peak, which occurred at the height of the pandemic housing frenzy in August 2020.
One key reason that new-home sales have rebounded lies in the innovative strategies implemented by homebuilders to enhance affordability and attract buyers. Unlike the existing-home market, where inventory remains tight and house prices remain sticky, homebuilders have lowered their net effective house prices. These affordability adjustments range from offering mortgage rate buydowns, money back at close, and price reductions on properties.
"To address affordability concerns in the market, we introduced increased incentives into the market and adjusted base pricing of our homes where necessary. Our most successful incentive recently has been interest rate buydowns. We are generally offering a point below market on a 30‐year fixed rate mortgage for the life of the loan," D.R. Horton CEO David Auld told Fortune earlier this summer.
Moreover, the homebuilding sector has benefited from the scarcity of existing inventory available in the market. This scarcity, combined with the aforementioned affordability strategies, has further heightened the appeal of newly constructed homes. The resultant competition for a limited pool of existing homes has pushed potential buyers toward considering new-home options, boosting the sales figures for homebuilders.
And that housing shortage could last for years.
Indeed, Deutsche Bank recently released a paper that concluded that the U.S. housing market was simply navigating a mid-cycle crisis last year, and the shortage of housing supply would keep builders busy in the years ahead.
"It is hard to pinpoint exactly how underbuilt the country is, but I firmly believe we are still in an extremely undersupplied housing market, for both new and existing homes, likely for years to come due to development and construction capacity constraints in the industry," D.R. Horton CEO David Auld told Fortune back in June.