(Existing-home sales winners & losers article updated with additional commentary and closing stock prices.)
NEW YORK (
) -- Stocks in the homebuilder sector were mixed Tuesday on word that
existing-home sales plummeted to a 15-year low in July
The National Association of Realtors said existing-home sales fell 27.2% in July to a seasonally adjusted annual rate of 3.83 million units. Economists had expected the figure to come in at 4.72 million units,
compared with a downwardly revised 5.26 million in June
>>Existing Home Sales Fall 27.2%
"The numbers are worse than I thought they would be," ConvergEx Group chief market strategist Nicholas Colas told
. "The threat of a double dip seems to grow with every economic data point."
Investors watching the homebuilder sector voiced mixed opinions. The
SPDR S&P Homebuilders
, an exchange-traded fund that tracks the homebuilder sector, fell sharply after July's existing-home sales data was released, reached into positive territory throughout much of the day and then closed lower by 0.6%. The
iShares Dow Jones US Home Construction
also dipped in early trading but managed to close with a gain of 0.2%.
Leading the sector lower were shares of
(CHCI - Get Report)
(BZH - Get Report)
. Brookfield closed down 4.9%, Comstock 4.6% and Beazer 2%.
Tuesday's gainers included
(MTH - Get Report)
(KBH - Get Report)
lost 0.4% while shares of
were flat for the day.