Pending Homes Sales Jump for Fifth Month
WASHINGTON (TheStreet) -- Pending home sales, a barometer for future home sales, rose in June for the fifth straight month, according to the National Association of Realtors.
Its pending home sales index jumped 3.6% to 94.6 from 91.3 in May. Economists expected the index to come in at 91.2.
But shares of homebuilders were in the red on Tuesday morning, as investors are apparently remaining cautious on interpreting the trends. Centex tumbled 6% to $10.72, KB Home (KBH) fell 1% to $16.97, Pulte Homes (PHM) sank 7% to $10.94 and Lennar (LEN) dropped 2% to $12.-- Reported by Jeanine Poggi in New York.
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