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Homebuilder stocks fell Thursday after new-home sales data came in lower than economists expected, a sign of continued weakness in the U.S. housing market. Sales of new homes totaled a seasonally adjusted annual rate of 526,000 in March, down 8.5% from February and 36% from a year earlier, the Census Bureau said. This is the lowest sales pace since 1991, the last major housing recession in the U.S. The amount of homes for sale at the end of March remained roughly flat from the prior month, at 468,000 homes. However, the weak sales pace sent the month's supply of inventory to 11, up from 10.2 in February. The median price of a home was $227,600, down from $262,600 a year earlier. Homebuilder stocks largely traded lower on the news. Standard Pacific SPF fell 4%, D.R. Horton DHI dropped 2.5%, Centex CTX declined 1% and KB Home KBH fell 1.3%. The data followed weak earnings reports from homebuilders Pulte Homes PHM and Ryland RYL, which both booked large quarterly losses and new order declines. Ryland and Pulte shares were essentially flat in morning trading.
Land impairment charges hit earnings and contribute to the bearish case for these stocks.
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