Shares of major U.S. homebuilders rallied Friday.
Hovnanian Enterprises (HOV) led the charge, with shares of the New Jersey-based builder up 10% at midday. Pulte Group (PHM, Fortune 500) and Lennar Corp. (LEN) both gained over 5%, while KB home (KBH) and D.R. Horton (DHI, Fortune 500) both rose about 3%.
But the outlook for the housing sector is mixed, Larson said. Investors will pay close attention to new and existing home sales data going forward to see if the current levels can be sustained, he added.
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Homebuilder stocks on fire
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