NEW YORK (TheStreet) --PulteGroup (PHM) shares are up 1.4% to $21.24 in trading on Thursday as the U.S. home builder benefits from high October existing home sales numbers.
The National Association of Realtors (NAR) reported a 1.5% rise in existing homes sales to a seasonally adjusted rate of 5.26 million in October, the first month this year where the number was higher than the same period last year.
"Sales activity in October reached its highest annual pace of the year as buyers continue to be encouraged by interest rates at lows not seen since last summer, improving levels of inventory and stabilizing price growth," said the NAR.
Must Read: Warren Buffett's 25 Favorite Stocks
TheStreet Ratings team rates PULTEGROUP INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PULTEGROUP INC (PHM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."