From the Wires
U.S. Homebuilders Continue to Rally as More Data Released Supporting Recovery of Housing Market
The Paragon Report Provides Stock Research on Toll Brothers and Standard Pacific
By: Marketwired .
Dec. 6, 2012 08:20 AM
NEW YORK, NY -- (Marketwire) -- 12/06/12 -- The majority of homebuilders rose Monday after more positive news supporting the recovery of the U.S. housing market was released. The National Association of Realtors reported that U.S. home sales increased 2.1 percent in October. The SPDR S&P Homebuilders ETF (XHB) has gained 50 percent year-to-date, outpacing the broader markets by a wide margin. The Paragon Report examines investing opportunities in the Residential Construction Industry and provides equity research on Toll Brothers Inc. (NYSE: TOL) and Standard Pacific Corp. (NYSE: SPF).
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The seasonally adjusted annual sales rate rose to 4.79 million in October, which is approximately 11 percent higher than last year's pace. The pace is still below the 5.5 million mark that economists believe is a "healthy" market. The Realtors' group has reported that the median price for preoccupied homes has reached $178,600, an 11.1 percent increase from a year ago. The supply of homes available for sale fell to a 10 year low, with 2.14 million homes available for sale at the end of October.
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In November, US homebuilder confidence was reported to be at a 6-year high. The National Association of Home Builders/Wells Fargo builder sentiment index rose to 46 in October from 41 in September.
"In view of the tightening supply and other improving conditions, many potential buyers who were on the fence are now motivated to move forward with a purchase in order to take advantage of today's favorable prices and interest rates," said NAHB Chairman Barry Rutenberg.
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