Shares of homebuilders traded down Thursday after a pair of fresh reports indicated the housing industry's recovery will likely be slow and gradual.
Shares of KB Home (KBH Quote) fell 89 cents to $14.33, while shares of Hovnanian Enterprises (HOV Quote) shed 18 cents to $2.69. Pulte Homes (PHM Quote) stock fell 73 cents to $8.67, and Centex's (CTX Quote) stock fell 62 cents to $8.33.
The Commerce Department said new U.S. home sales were almost flat last month. The 0.3 rise in sales in April -- to a seasonally adjusted annual rate of 352,000 -- came from a downwardly revised rate of 351,000 in March.
At the end of April, the government said there were 297,000 new homes for sale. It would take more than 10 months to exhaust that supply at the current sluggish sales pace....
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