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Existing Home Sales Grow 3.6% in June

Is it time to raise the roof? Or at least put a new one on your home and put it up for sale?

In yet another sign the housing recovery might indeed be underway, existing home sales were better-than-expected in June sending shares of homebuilders into the green Thursday morning.

The National Association of Realtors reported sales of previously occupied homes rose 3.6% in June to 4.89 million. Analysts had expected sales of 4.84 million units.

This is the second day homebuilders saw some gains. On Wednesday, NVR's better-than-expected earnings report drove up the sector.

Shares of Toll Brothers (TOL - Get Report) jumped 3% to $18.45, NVR grew 3% to $601.47, Pulte Homes (PHM - Get Report) rose 4.5% to $9.79, KB Home (KBH) increased 6% to $15.89, Lennar (LEN - Get Report) spiked 6% to $11.27 and Centex (CTX) shot up 5% t5o $9.49.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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SYM TRADE IT LAST %CHG
CTX $26.25 -0.38%
LEN $46.37 -1.74%
NVR $1,339.02 -0.45%
PHM $19.87 -1.24%
TOL $36.71 -0.24%

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