Supporting the growing housing market, many have financed their homes on cheap mortgage rates in a low interest-rate environment. However, some market observers expect the Federal Reserve to hike interest rates as early as September.

Additionally, the expanding economy has helped improve the labor market, which has added an averaged 235,000 jobs per month over the past three months, with unemployment now at 5.3%, its lowest level in over seven years.

The rising rents across the country have also pushed some renters into new home purchases as well.

SPDR S&P Homebuilders ETF

For more information on the housing market, visit our homebuilders category.

Max Chen contributed to this article.