NEW YORK (TheStreet) -- Shares of PulteGroup (PHM) are up by 0.40% to $20.33 in late morning trading on Tuesday, as some home builder stocks rise following the release of data showing new single family home sales rose to a seven year high in May.
On Tuesday, the Commerce Department said sales grew by 2.2% to a seasonally adjusted annual rate of 546,000 units, the highest level since February 2008, Reuters reports.
Economists polled by Reuters had forecast for a 525,000 unit pace for May.
On Monday, data released by the National Association of Realtors showed home re-sales in May jumped to a five and a half year high.
PulteGroup is an Atlanta-based home builder that also offers customers mortgage banking options and title operations.
So far today, 2.44 million shares of PulteGroup have exchanged hands as compared to its average daily volume of 5.44 million shares
Separately, TheStreet Ratings team rates PULTEGROUP INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate PULTEGROUP INC (PHM) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. 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, reasonable valuation levels and increase in stock price during the past year. We feel its strengths outweigh the fact that the company has had sub par growth in net income."