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KB Home leads homebuilders lower

Sep. 24, 2015 10:15 AM ETKB Home (KBH) StockKBH, TOL, PHM, DHI, LEN, XHB, ITB, CAA, TMHCBy: Stephen Alpher, SA News Editor3 Comments
  • 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%).

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