Homebuilders (XHB) Rise as Existing Home Sales Jump 3.4% in April
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The SPDR S&P Homebuilders (NYSE: XHB) ETF is trading higher today following positive housing data out of the National Association of Realtors (NAR) Tuesday.
Sales of previously-owned homes popped 3.4 percent in April to an annual rate of 4.62 million. Forecasts called for a rise to a 4.61 million pace. The jump was the first in three months.
Key factors included stabilizing job losses, record low rates, and overall depressed prices in the housing market. Issues still lingering to a more sustained recovery include easing of financing requirements as well as stemming foreclosures.
Sales in 2011 were 4.26 million units, up from 4.19 million in 2010, but down from the peak of 7.1 million in 2005.
Median existing home prices rose 10 percent to $177,400.
Previously-owned homes on the market rose 9.5 percent to 2.54 million, which would take about 6.6 months to sell.
The homebuilder ETF is up 2.5 percent on the session, while PulteGroup (NYSE: PHM) and Ryland (NYSE: RYL) shares are leading the charge, up 4.6 percent and 4.0 percent, respectively.
Sales of previously-owned homes popped 3.4 percent in April to an annual rate of 4.62 million. Forecasts called for a rise to a 4.61 million pace. The jump was the first in three months.
Key factors included stabilizing job losses, record low rates, and overall depressed prices in the housing market. Issues still lingering to a more sustained recovery include easing of financing requirements as well as stemming foreclosures.
Sales in 2011 were 4.26 million units, up from 4.19 million in 2010, but down from the peak of 7.1 million in 2005.
Median existing home prices rose 10 percent to $177,400.
Previously-owned homes on the market rose 9.5 percent to 2.54 million, which would take about 6.6 months to sell.
The homebuilder ETF is up 2.5 percent on the session, while PulteGroup (NYSE: PHM) and Ryland (NYSE: RYL) shares are leading the charge, up 4.6 percent and 4.0 percent, respectively.
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