Existing Home Sales Grow 3.6% in June

Is it time to raise the roof? Or at least put a new one on your home and put it up for sale?

In yet another sign the housing recovery might indeed be underway, existing home sales were better-than-expected in June sending shares of homebuilders into the green Thursday morning.

The National Association of Realtors reported sales of previously occupied homes rose 3.6% in June to 4.89 million. Analysts had expected sales of 4.84 million units.

This is the second day homebuilders saw some gains. On Wednesday, NVR's better-than-expected earnings report drove up the sector.

Shares of Toll Brothers ( TOL) jumped 3% to $18.45, NVR grew 3% to $601.47, Pulte Homes ( PHM) rose 4.5% to $9.79, KB Home ( KBH) increased 6% to $15.89, Lennar ( LEN) spiked 6% to $11.27 and Centex ( CTX) shot up 5% t5o $9.49.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

More from Opinion

What's Happening in Video Games This Week: On the Road to E3

What's Happening in Video Games This Week: On the Road to E3

Wednesday Wrap-Up: Let's Talk About General Electric

Wednesday Wrap-Up: Let's Talk About General Electric

Week of the Women From Finance to Fast Food

Week of the Women From Finance to Fast Food

Tuesday Turnaround: Micron, Autonomous Driving, and J.C. Penney

Tuesday Turnaround: Micron, Autonomous Driving, and J.C. Penney

Cable Stock Investors Should Keep an Eye On Wireless Broadband's Rise

Cable Stock Investors Should Keep an Eye On Wireless Broadband's Rise