Pending Homes Sales Jump for Fifth Month

Pending home sales rose again in June, but shares of homebuilders fall as investors remain cautious.
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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.

Earlier today,

D.R. Horton

(DHI) - Get Report

said it

narrowed its loss in the third quarter

, and on Monday

Centex

(CTX)

swung to a first-quarter profit

.

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) - Get Report

fell 1% to $16.97,

Pulte Homes

(PHM) - Get Report

sank 7% to $10.94 and

Lennar

(LEN) - Get Report

dropped 2% to $12.

-- Reported by Jeanine Poggi in New York.

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