On Wall Street, there’s no place like home.
Existing home sales surged to a 5 ½-year high last month as more first-time buyers loaded into the market. And with housing stocks near multiyear highs, some traders think there’s no sweeter place to put your money.
“I think housing stocks are names you should continue to own here, especially in the face of wages improving and jobs growth,” David Seaburg, Cowen and Co.’s head of sales trading, said Monday on “Power Lunch.”