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美联储降息背景下美国房地产市场表现与霍顿资本市场表现
美联储降息背景下美国房地产市场表现与霍顿资本市场表现
行业数据
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所属报告:
霍顿房屋(DHI.US)-美股公司研究报告:韧性穿越周期并购助力成长-250902(41页).pdf
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产业链
2026-06-26
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日本房地产企业和产业链企业相对日经225超额收益
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产业链
2026-06-26
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2010年以来房地产产业链PB(LF)估值水平(倍)
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产业链
2026-06-26
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图24、房地产规模占比提升2.82pct至32.4%
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2019 年 8 月-2020 年 3 月:美联储将联邦基金目标利率从 2.50%降至 0.25%,累计降息2.25pct,30 年期按揭利率从之前最高的 4.94%下降至 2020 年末最低的 2.65%,累计下降了 2.29pct。本轮周期中,为预防经济快速降温,美联储于 2019 年 8 月首次启动降息,降息后新房价格与二手房价格均开启上涨,2020 年 3 月利率降至低点之后,总房屋销量在2020 年 10 月冲至高点 776 万套,较 2020 年 3 月提升 30%,标普 CS 房价指数较 2020年 3 月上升 6%,并且在此后加速上涨,20 年 3 月-22 年 3 月两年年化涨幅达到 17%。
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霍顿房屋(DHI.US)-美股公司研究报告:韧性穿越周期并购助力成长-250902(41页).pdf
表现金流量
霍顿房屋股价与PB-LF(前复权,FY1997-25Q3)
霍顿房屋股价PE-TTM(前复权,FY1997-25Q3)
霍顿房屋(DRHORTON)PB-Bands
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