Home builder stocks suffer unanimous selloff after disappointing new home sales data

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The home builder sector was suffering a unanimous selloff in morning trading Tuesday, after data showing new home sales surprisingly fell in April, and sharply, amid high prices, rising mortgage rates and low supply. The iShares U.S. Home Construction ETF ITB, -3.83% sank 3.4%, with all 47 equity components losing ground, while the SPDR S&P Homebuilders ETF XHB, -3.81% dove 3.4% with all 35 components falling, to underperform the S&P 500’s SPX, -2.16% 2.1% slide. Both ETFs were on track for the lowest closes since January 2021. Among some of the more-active home builders, shares of D.R. Horton Inc. DHI, -3.77% shed 3.7%, PulteGroup Inc. PHM, -4.69% fell 4.5%, KB Home KBH, -4.19% slid 4.1% and Lennar Corp. LEN, -4.28% gave up 4.0%. Elsewhere, share of home improvement retailer Home Depot Inc. HD, -0.95% declined 1.5%

This article was originally published by Marketwatch.com. Read the original article here.

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