Home Builder Stocks Struggle As Mortgage Rates Rise
Home building stocks are struggling on Thursday after the 30-year fixed-rate mortgage drifted up for the second consecutive week to 4.60%.
HOUSING MOMENTUM FALTERING
Existing-home sales ran at a 5.38M seasonally-adjusted annual rate in June, the National Association of Realtors said just over a week ago. This past June was the third consecutive month that existing home sales declined. Sales of newly-constructed homes fell 5.3% in June below a downwardly-revised May figure. The median price of new homes sold during the month was down 4.2% from June of 2017.
PRICE ACTION
Lennar Corporation (LEN) and KB Home (KBH) are down 1.43 and 1.8%, respectively. Toll Brothers, (TOL) is down 1%, while PulteGroup (PHM) is down fractionally.
OTHERS
Other companies in the group include Meritage Homes (MTH) Beazer Homes (BZH).
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