- SIngle-family new home sales in August at a seasonally-adjusted annualized rate of 552K were up 5.7% from July (itself upwardly revised to 522K from 505K). August's pace was also up 21.6% from a year ago.
- By region, Northeast sales of 36K rose from 29K, Midwest to 60K vs. 66K, South 319K from 297K, and West 137K vs. 130K.
- Despite the strong August results, homebuilders remain lower alongside the broader market.
- Leading the way lower is KB Home (KBH -3.4%) which reported an earnings beat this morning, but rising land costs did eat into profit margins.
- ETFs: ITB, XHB
- Toll Brothers (TOL -0.4%), PulteGroup (PHM -0.8%), Lennar (LEN -0.9%), D.R. Horton (DHI -0.8%), Standard Pacific (SPF -1.6%), Taylor Morrison (TMHC -1.5%).