The market is reacting on Monday to a surge in U.S. new home sales.
Sales of new-U.S. single-family homes spiked in October to their highest level in 10-years as high demand across the country powers sales.
New home sales rose 6.2% to a seasonally adjusted annual rate of 685,000 in October. That represents the highest level since October 2007 and followed September's slightly downwardly revised sales pace of 645,000 units, the Commerce Department said on Monday.
October marks the third-straight month that new home sales have seen a boost.
As a result of Monday's data, shares of the SPDR S&P Homebuilders ETF (XHB) , a fund tracking equities in the housing sector, were rising nearly half a percent higher.
But despite the surge in new home sales, individual homebuilder stocks were moving lower in the aftermath.
That said, Toll Brothers (TOL) was proving resilient with shares inching slightly higher following the release of the data.
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