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Home builder stocks enjoy a broad lift after housing data

Shares of home builders got a broad lift in morning trading Tuesday, as data on existing home sales assuaged some investor fears, for now, by meeting expectations. The iShares U.S. Home Construction ETF rallied 2.7% in morning trading, after being up about 1.4% just prior to the release of the data, while the Dow Jones Industrial Average rose 565 points, or 1.9%. The National Association of Realtors released data at 10 a.m. Eastern, saying existing home sales fell 3.4% to a seasonally adjusted annual rate of 5.41 million in May, a fourth straight monthly decline but in line with expectations. Among the home builder ETF components, Lennar Corp.'s stock (LEN) charged up 5.0% after the company reported fiscal second-quarter profit, revenue and new orders that topped expectations, and provided an in-line outlook. Elsewhere, shares of D.R. Horton Inc. (DHI) jumped 3.1%, Toll Brothers Inc. (TOL) climbed 4.1%, PulteGroup Inc. (PHM) advanced 3.8% and KB Home (KBH) tacked on 3.1%.

-Tomi Kilgore

 

(END) Dow Jones Newswires

06-21-22 1033ET

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