The Dow Jones Industrials pared losses this morning, falling now just 40 poitns versus an earlier drop of almost 100, after the National Association of Realtors announced existing home sales rose 7.6% in April, to 5.77 million units, beating economists’ 5.6 million estimate.
The announcement follows on March’s better-than-expected results, announced last month, and a beat in February, as well. April sales were 23% higher than the year-earlier period.
However, NAR economist Lawrence Yun predicted some pullback ahead as the homebuyer tax credit goes away.
Shares of builders were broadly higher, with Toll Brothers (TOL) up 24 cents, or 1%, at $20.92; Pulte Homes (PHM) up 19 cents, or 1.8%, at $11.03; Lennar (LEN) up 32 cents, or 1.8%, at $17.79; DR Horton (DHI) up 29 cents, or 2.5%, at $12.56; and Hovnanian (HOV) up 38 cents, or 6.3%, at $6.45.
New home sales for April are expected to be reported on Wednesday morning.
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