New Home Sales Blast Through Forecasts; Homebuilders Mixed
By Christiana Sciaudone
Investing.com - New home sales trounced estimates as Americans sought to nest since everyone is stuck at home anyway.
About 776,000 new homes were sold compared to the estimate of 700,000, according to analysts tracked by Investing.com. The previous read was 682,000.
Shares of home builders were mixed after the news.
DR Horton (NYSE:DHI) pared losses after the news, but was still lower, weighed down by general negative sentiment that has markets seeing red.
PulteGroup (NYSE:PHM), which reported earnings and revenue that bested estimates, rose 2.3%. Taylor Morrison (NYSE:TMHC), which earlier this month said June had the best monthly sales on record, fell 2.3%.
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