Homebuilders Offer Clues on the U.S. Housing Market

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• 00:03

  Hey YMB listeners, I'm Anthony Banshee for the Wall Street Journal.

• 00:10

  Today we're sharing a special episode of What's News in Earnings.

• 00:15

  It's a show that occasionally pops up in our What's News feed.

• 00:19

  This episode looks at the US housing market before the 2026 spring selling season begins next month.

• 00:26

  Take a listen and if you like it, check out What's News, wherever you listen to us.

• 00:40

  Hey listeners, I'm Veronica Dagger for The Wall Street Journal, and this is what's news in earnings.

• 00:46

  Our look at some of the biggest themes standing out this earnings season.

• 00:50

  The U.S.

• 00:51

  housing market is entering the 2026 spring selling season in an uneasy equilibrium.

• 00:57

  Mortgage rates have settled into a new normal, about 6 percent.

• 01:01

  But for many, the American dream feels further away than ever.

• 01:05

  The nation's biggest home builders are telling different stories about the housing market.

• 01:10

  This week, Toll Brothers reported a jump in profit, fueled by luxury buyers.

• 01:16

  Meanwhile, the entry-level builder, D.R.

• 01:19

  Horton, is shrinking home sizes and piling on incentives just to keep first-time buyers in the game.

• 01:26

  And Pulti Group is highlighting the country's growing geographic divide.

• 01:32

  Joining me to break down what all this means for the housing market is WSJ National Housing Reporter Nicole Friedman.

• 01:43

  Nicole, let's start with this geographic divide.

• 01:46

  Pulti Group is seeing a notable split.

• 01:48

  Demand in Florida was improving, but cooling for families in the West.

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