Economists had expected the figure to rise 1.7%. Pending home sales are viewed as an indicator of future home sales since they reflect contracts -- not closings -- and generally occur with a lag time of one to two months. Data released on Monday showed that
Even so, homebuilder stocks higher were mixed Thursday morning. Among individual builders, PulteGroup ( PHM) rose 3.9%, D.R. Horton ( DHI) added 0.9% and Lennar ( LEN) gained 0.1%. Small-cap Beazer Homes ( BZH) was higher by 1.7%, while laggards included Meritage Homes ( MTH), down 4.1%, and Ryland Group ( RYL), lower by 3.8%. -- Written by Miriam Marcus Reimer in New York. >To contact the writer of this article, click here: Miriam Reimer.