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New home sales rise to more than 8-year high

Jul. 26, 2016 10:16 AM ETToll Brothers, Inc. (TOL) StockKBH, TOL, PHM, HOV, LEN, XHB, ITBBy: Stephen Alpher, SA News Editor3 Comments
  • June new home sales came in at a seasonally-adjusted annualized rate of 592K, up from May's rate of 572K, and the fastest pace since February 2008.
  • Expectations had been for 560K.
  • The median price of $306.7K was up 6% Y/Y, and inventory fell to 4.9 months at the current sales pace.
  • New home sales in Q2 were up 10% from Q1.
  • The ITB popped higher on the news, but has retreated a bit since, now up 0.2% on the session. XHB +0.4%
  • Toll Brothers (TOL +0.2%), Hovnanian (HOV +0.8%), Lennar (LEN -0.7%), KB Home (KBH +0.1%), PulteGroup (PHM +0.1%)

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