U.S. equity markets opened lower on Monday, September 22, 2025, as investors took a modest pause following a relentless rally that saw major indexes close at record highs last week. The slight pullback reflects a cautious sentiment ahead of crucial economic data and Federal Reserve commentary expected later in the week, coupled with lingering concerns over a potential government shutdown.Market Indexes Open Lower After Record WeekAt the start of trading, the benchmark S&P 500 dipped approximately 0.2%. The ...

New luxury home community offers four collections of homes in amenity-rich Uptown Celina master plan north of DallasCELINA, Texas, Sept. 22, 2025 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), the nation's leading builder of luxury homes, today announced the grand opening of its newest Dallas-area community, The Ranch at Uptown Celina. This highly anticipated new home community offers four collections of luxury homes within the beautiful Uptown Celina master plan located north of Dallas. The Sales Cent ...

D.R. Horton (NYSE: DHI ) is the U.S.’s largest homebuilder by delivered homes, solidifying its position after the company has continued to capture market share during the past three decades. D.R. Horton now operatesI am an avid investor with a major focus on small cap companies with experience in investing in US, Canadian, and European markets. My investment philosophy to generating great returns on the stock market revolves around identifying mispriced securities by understanding the drivers behind a compa ...

New community features 337 homesites, five brand-new floor plans, and additional $2 million in amenities The Bisbee by LGI Homes at Estrella at High Range The three-bedroom, two-bathroom Bisbee features flexible living and open entertainment space. ALBUQUERQUE, N.M., Sept. 22, 2025 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ: LGIH) is proud to announce the Grand Opening of Estrella at High Range, marking a highly anticipated return to the Rio Rancho, New Mexico area. Building on the success of earlier ph ...

U.S. stock futures are trending lower this Monday, September 22nd, 2025, signaling a cautious start to the trading week after major indexes closed at record highs on Friday. Investors are digesting a mix of premarket movements, geopolitical headlines, and anticipating crucial economic data releases later in the week. The dip in futures suggests a "risk-off" sentiment prevailing in early trading, particularly impacting the technology sector.Premarket Trading and Index FuturesAs the trading day commences, U.S ...

The U.S. housing market is sending conflicting signals, with new data revealing a sharp decline in construction activity that is expected to tighten supply, just as a recent Federal Reserve rate cut aims to stimulate demand.The emerging affordability crisis is highlighted by a stark contrast: while government data indicate a slowdown, legendary investor Warren Buffett has been investing billions in major homebuilders.Construction Slumps, Squeezing Future SupplyThe latest New Residential Construction report ...

美联储降息对房地产市场影响 - 美联储自去年以来首次降息并暗示未来更多降息 推动抵押贷款利率持续下降[1] - 利率下降虽无法立即解决住房 affordability 问题 但对住房活动方向产生积极影响[1] Toll Brothers 业务特性 - 作为全美领先豪华住宅建筑商 其客户群体更富裕且对利率敏感度较低[2] - 公司通过融资激励措施维持销售 若利率持续下降可减少激励并改善盈利能力[2] 2025财年第三季度财务表现 - 收入同比增长6%至28.8亿美元 交付量2,959套同比增长5%[4] - 每股收益从3.60美元增至3.73美元 调整后住宅销售毛利率27.5%高于指引但低于去年同期的28.8%[4] - 净签约合同价值24.1亿美元同比持平 但签约单元数2,388套下降4%[5] - 新合同平均售价上涨4.5%至约100万美元[5] - 未完成订单余额63.8亿美元同比下降10% 主要因持续将前期订单转化为交付[5] 股东回报与资本管理 - 当季通过回购和股息向股东返还2.26亿美元 其中股票回购约2.01亿美元[6] - 管理层偏好股票回购体现对公司长期表现的信心[6] 全年业绩指引 - 维持全年交付量约11,200套的指引 调整后住宅销售毛利率预计维持在27%高位区间[7] - 若利率下降推动需求改善 将为业绩提供强劲支撑[7] 当前市场环境与估值 - 美联储9月降息推动抵押贷款利率近期下降[8] - 股票仅以10倍市盈率交易 若需求改善存在上行空间[8]

公司业绩表现 - 第三季度营收88亿美元 同比下降约65% 略低于市场预期的90亿美元[4] - 调整后每股收益200美元 同比大幅下降49% 低于华尔街预期的214美元[4] - 房屋交付量21584套 较2024年第三季度略有增长[5] - 平均房屋售价下降超过9%至383000美元[5] - 毛利率下降500个基点至175%[5] 市场环境与利率影响 - 美联储降息25个基点 有利于公司为新建筑项目提供融资并最终促进销售[7] - 30年期固定抵押贷款利率一周内下降9个基点至626% 自6月底以来下降约50个基点[8] - 全国房地产经纪人协会认为6%的抵押贷款利率可能重新点燃房屋销售[8] - 市场预计10月再次降息25个基点的概率为92% 12月降息50个基点的概率为82%[11] 财务指标与估值 - 公司股票当前价格12717美元 52周区间为9842-18965美元[1] - 市盈率为1257倍[1] - 远期市盈率约为15倍 较过去三年平均远期市盈率103倍高出近50%[13] - 分析师12个月目标价平均为12833美元 最高预测17300美元 最低预测9500美元[11] 机构投资与股价表现 - 伯克希尔哈撒韦持有约8亿美元公司头寸 持仓日期为6月30日[1] - 自6月30日至9月18日 公司总回报率约为21%[2] - SPDR S&P Homebuilders ETF同期上涨超过16%[2] - 财报发布后盘后交易中股价下跌超过3%[10] 业务展望 - 预计第四季度交付22000-23000套房屋 较第三季度实际交付量中点增长约4%[9] - 预计毛利率维持在175% 平均售价介于380000-390000美元之间[9] - 公司将继续提供大幅折扣[10] - 若利率朝正确方向移动且经济避免衰退 收益可能显著恢复[14]

In this articleLENUS10YTorsten Asmus | Istock | Getty ImagesLonger-term Treasury yields jumped this week, flying in the face of the Federal Reserve's interest rate cut, as bond investors didn't get the assurances they sought.The 10-year Treasury yield jumped as high as 4.145% after briefly falling below 4% this week. The 30-year Treasury yield — closely followed for its connection to home mortgages — traded around 4.76%, up from a low of 4.604% earlier in the week.Stock Chart IconStock chart icon10-year Tre ...

美联储降息政策 - 美联储自12月以来首次降息25个基点 将基准利率下调至4%-4.25%区间 并暗示后续将继续降息以支撑劳动力市场[1][10] - 降息举措利好对利率敏感的小盘股和可选消费类股票 罗素2000小盘股指数创近四年新高 标普500指数年内涨幅超13%[2][10] 房地产行业表现 - PHLX住房指数本季度大涨15% 显著跑赢标普500指数7%的涨幅 但年内表现仍落后于基准指数[5][11] - 头部房企表现突出：DR Horton本季度涨幅超30% KB Home和Toll Brothers涨幅均超20% 家装零售商Lowe's和Home Depot分别上涨约20%和13%[5][11] - 30年期固定利率抵押贷款利率降至6.39% 为2024年10月初以来最低水平 Keefe Bruyette & Woods分析师预计年底可能接近6%[6][11] 货币政策传导机制 - 抵押贷款利率与10年期美债收益率关联度更高 当前收益率从5月的4.6%降至4.13% 降幅大于联邦基金利率[8][11] - 若抵押利率能降至5%区间 将被视为重要阈值 可能为疲软的住房市场注入活力[7][11] - 8月美国独栋住宅开工量骤降至近两年半低点 鲍威尔主席明确表示住房部门活动"疲弱"[11] 经济数据与市场预期 - 未来一周将公布成屋销售和新屋销售数据 住房交易量提升通常有利于经济活动[9][11] - 美联储强调未预设利率路径 成员间存在分歧 可能导致经济数据（尤其是劳动市场和通胀数据）公布时市场波动加剧[9][11] - 持续坚挺的通胀可能迫使央行维持较高利率水平 今年降息幅度仍存不确定性[8][11]