Homebuilder stocks soared Monday – edging up as high as 4% in some cases – after the National Association of Home Builders/Wells Fargo Housing Market Index was released, showing homebuilder confidence at a seven-year high.
Standard Pacific Corp. ($9.27 0%) maintained a positive trajectory throughout the day, with the builder’s stock rising as high as 4% in Monday trading and ending the day up by more than 3%.
Fort Worth-based builder DR Horton ($24.26 0%) managed to rise more than 1.5% while other gainers included PulteGroup [stock PHM]; KB Home ($22.02 0%); and Hovnanian ($6.37 0%).
The NAHB/Wells Fargo Index put homebuilder confidence in June at an index score of 52 for single-family homes, an eight-point increase from the last report and well above the 50-mark that generally signifies a market where most builders are confident about sales conditions.
The last time builders reached an index score above 50 was April 2006 right before the housing market crash.
Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Builder confidence buoys homebuilder stocks | Cross River Real Estate.