Announcement
Just announced: existing home sales hit an annualized rate of 5.03 million units during August.
That exceeds the 4.70 million unit rate that had been expected, on average, among economists polled by InstaPoll.com. The pace is also up from the rate of 4.67 million units recorded during the previous month.
The broad market hasn't reacted strongly to the data.
However, homebuilders Genix (GEN 14.32, +0.22), ND Home (NDH 6.59, +0.15), and Home Group (HMG 4.54, +0.03) are all up nicely as investors anticipate that a rise in existing home sales portends an acceleration of the rate of new home sales.
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