The confidence of US single-family homebuilders continued to improve for the fourth consecutive month in April due to increased demand for new houses which resulted from a shortage of previously owned homes and falling mortgage rates, suggesting the residential real estate market is slowly recovering.
Therefore, I think it might be ideal to add leading homebuilding stock M/I Homes, Inc. (MHO) to your portfolio, which is ranked at the top in the Homebuilding industry in our proprietary rating system.
Additionally, the National Association of Home Builders/Wells Fargo Housing Market Index edged up one point to 45 this month, the highest level since September.
Moreover, the industry enjoys favorable investor sentiment, as evident from SPDR Homebuilders ETF’s (XHB) 24.5% returns over the past year, compared to S&P 500’s 8.9% gains over the same period.
MHO operates as a builder of single-family homes in the US. Its total revenue rose 10.3% year-over-year to $4.13 billion in the fiscal year 2022. Its homebuilding segment’s revenues increased 11% from the prior year to $4.05 billion.
The stock has gained…
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