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 This material may not be published, broadcast, rewritten, or redistributed.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

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CTX $26.33 0.08%
LEN $51.97 0.08%
NVR $1,682.20 0.40%
PHM $19.66 -0.43%
TOL $37.90 0.50%


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