Rising U.S. home prices have sparked a run-up in shares of Lennar Corp. (LEN), KB Home (KBH) and Toll Brothers Inc. (TOL), and cleared the way for the first initial public offerings by home builders since 2004, The Wall Street Journal explains.

Now, some believers in the housing recovery are spreading their bets.

They are buying shares in the makers of appliances, building materials and even pickup trucks, as well as real estate sales firms and home-improvement retailers. These investments will reap the rewards of an upsurge in residential construction and home renovation, proponents say, at lower prices than homebuilding share