Existing Home Sales for April Fall to 5.05M, Missing Street Estimates
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Homebuilding stocks are trading lower Thursday following worse-than-expected data on existing home sales from the National Association of Realtors. After trading in positive territory just after this morning's opening bell, the SPDR S&P Homebuilders ETF (NYSE: XHB) is now down about 0.3 percent.
The purchase of existing home sales fell modestly from 5.09 million in March to 5.05 million last month. Economists had been looking for existing home sales to rise about 2 percent to 5.2 million.
The Street got a reading on housing starts Wednesday: down 11 percent to 523,000 for the month of April. This data point was also below the economist estimate of 569,000 units.
The NAR will release data on new home sales Tuesday, May 24. Analysts expect the metric to rise 1.7 percent from March to 305,000.
The purchase of existing home sales fell modestly from 5.09 million in March to 5.05 million last month. Economists had been looking for existing home sales to rise about 2 percent to 5.2 million.
The Street got a reading on housing starts Wednesday: down 11 percent to 523,000 for the month of April. This data point was also below the economist estimate of 569,000 units.
The NAR will release data on new home sales Tuesday, May 24. Analysts expect the metric to rise 1.7 percent from March to 305,000.
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