Homebuilder sector bucks the stock market's selloff after new home sales data rise well above expectations
The homebuilder sector edged higher Tuesday, to buck the selloff in the broader stock market, after data on new home sales came in well above expectations. The iShares U.S. Home Construction exchange-traded fund (ITB) inched up less than 0.1% toward a 15-month high in morning trading, reversing an earlier intraday loss of as much as 0.2%, even as the S&P 500 shed 0.7%. Among the ETF's more active homebuilders, shares of PulteGroup Inc. (PHM) climbed 2.0%, Toll Brothers Inc. (TOL) tacked on 0.4% and Lennar Corp. (LEN) rose 0.1%, while D.R. Horton Inc. (DHI) slipped 0.4%. PulteGroup's stock also got a boost from better-than-expected first-quarter earnings. New home sales in March rose to an annual rate of 683,000 from a revised 623,000 in February, well above expectations of 634,000.
-Tomi Kilgore
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April 25, 2023 10:18 ET (14:18 GMT)
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