Homebuilders Mixed as May New Home Sales Rise

After a government report on Tuesday, homebuilder stocks were mixed and a homebuilder ETF continued to climb from a low in March.
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Homebuilder stocks were mixed Tuesday, with the S&P Homebuilders ETF  (XHB) - Get Report rising 1%, after the government said 676,000 new homes were sold in May, a 12.7% year-over-year increase.

The ETF's rise Tuesday continued its climb from the more than seven-year low it reached in mid-March as the national coronavirus pandemic lockdown began.

Since March 17, the day after it reached that low, the ETF is up nearly 52%.

Among recent quotes in the homebuilders:

KB Home  (KBH) - Get Report was 0.6% ahead at $33.70.

Lennar  (LEN) - Get Report was off 0.4% at $60.92.

MDC Holdings  (MDC) - Get Report was up 2.1% at $35.62.

M/I Homes  (MHO) - Get Report was 2.1% higher at $34.20.

Beazer  (BZH) - Get Report was up 1.2% at $10.

Toll Brothers TOL was off 0.2% at $32.32.

PulteGroup PHM shares were little changed at $35.05.

D.R. Horton DHI was little changed at $56.43. 

Sample survey data showed that May sales of new single-family houses rose 16.6% from the previous month's revised rate of 580,000.

The monthly report, which is published by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, states that it takes four months to establish a trend for new houses sold. 

Home resales didn't fare as well as new-home sales in May.

Sales of existing homes fell 9.7% month-to-month to a seasonally adjusted annualized rate of 3.91 million units, the National Association of Realtors said Monday. 

Existing-home sales fell 26.6% annually, the largest annual decline since 1982 and the slowest sales pace since October 2010, according to the NAR.

Markets on Tuesday had been broadly roiled after President Donald Trump said the U.S.-China trade agreement was "fully intact." The president's assertion came after a senior adviser had commented that the accord was "over."

White House trade adviser Peter Navarro said the Washington-Beijing accord "continues in place," reversing comments he had made in an interview with Fox News in which he said the pact was "over."

The Dow, Nasdaq and S&P 500 in recent Tuesday trading all were up 1% or more.