New Home Sales Surge Has Home Builder Stocks En Fuego

Homebuilder stocks are jumping higher following new home sales data which showed a 27% rise month-over-month.

New home sales for the month of March come in at 411,000, versus the consensus of 325,000. On a month-over-month basis, the figure rose 26.9%, which compares to the economist estimate of up 5.5%.

Stocks and ETFs to watch:

• KB Home (NYSE: KBH) +6%
  
• Lennar Corp. (NYSE: LEN) +9%
  
• Beazer Homes USA Inc. (NYSE: BZH) +8%
  
• Pulte Homes Inc. (NYSE: PHM) +8.8%
  
• DR Horton Inc. (NYSE: DHI) +6%
  
• Toll Brothers Inc. (NYSE: TOL) +5%
  
• Ryland Group Inc. (NYSE: RYL) +5%
  
• MDC Holdings Inc. (NYSE: MDC) +3%
  
• SPDR S&P Homebuilders (NYSE: XHB) +3%

You May Also Be Interested In

• Nscale targets up to $3B in US IPO as soon as September - Bloomberg
• Hunterbrook bullish on Modine Manufacturing (MOD)
• BofA's Hartnett sees dollar slump, risk selloff if bond intervention fails