NVR Beats Street, Drives Housing Sector Up

Even though home-builder NVR's(NVR Quote) profit fell 19%, it easily surpassed Wall Street's expectations, sending shares in the housing sector rallying.

During the second quarter, NVR earned $41.4 million, or $6.79 a share, compared with $51.3 million, or $8.64 a share, in the year-ago period. Analysts expected earnings of $4.11 a share.

Home-building revenue tanked 35% to $612.5 million from $941 million.

Shares of NVR jumped 5% to $582.95 in morning trading, and shares of other home builders followed suit. Toll Brothers(TOL Quote) grew 3% to $17.55, Pulte Homes(PHM Quote) spiked 5% to $9.37, KB Home(KBH Quote) grew 6% to $15.02, Lennar(LEN Quote) increased 7% to $10.51 and Centex(CTX Quote) rose 5% to $9.07.