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