Shares of D.R. Horton Inc (NYSE:DHI), Toll Brothers Inc (NYSE:TOL), M.D.C. Holdings Inc. (NYSE:MDC), The Ryland Group Inc (NYSE:RYL) and Pulte Group Inc (NYSE:PHM) were all up today after reports new home sales rose 11.1 percent from February to March.
Investors shouldn't get too excited though, as sales are still far behind 2010's numbers, coming in at a seasonally adjusted 300,000. Year-over-year, sales are still down 21.9 percent.
Jon Ryding and Conrad DeQuadros of RDQ Economics said, “With the distortions of the homebuyers’ tax credit now well behind us, it appears (looking through the monthly volatility) that new home sales have settled in around 300,000 at an annual rate (the six-month average of sales has been between 291,000 and 313,000 since September 2010). The rebound in March to that 300,000 level suggests a weather-related bounce back from snowstorm-affected levels in February. For 2011 as a whole, we expect that sales (and housing starts) will continue to bounce around recent levels and, given the low share of housing construction in GDP, will have little impact on the overall growth story.”
PulteGroup was trading at $7.84, rising $0.06, or 0.84 percent, as of 1:20 PM EDT. Ryland Group was at $17.58, gaining $0.36, or 2.06 percent. M.D.C. Holdings, Inc. was trading at $28.28, up $0.54, or 1.95 percent. Toll Brothers was at $20.30, up $0.02, or 0.10 percent. D.R. Horton was at $12.16, jumping $0.18, or 1.46 percent.
Monday, April 25, 2011
Home Sales Push Pulte (PHM) (DHI) (TOL) (MDC) (RYL) Up
Labels:
DR Horton,
MDC Holdings,
PulteGroup,
Ryland Group,
Toll Brothers
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