Home builders are a mixed this morning after the National Association of Realtors reported an expected drop in sales of existing homes in December, though the final number was weaker than forecast.
Sales fell 16.7% to an annual rate of 5.45 million home sales, from November’s level, which was fewer than the 5.9 million forecast. For the full year, total existing home sale were up 5% from 2008′s level. The writing was on the wall with the NAR’s Jan 5. report that the Pending Home Sales Index fell 16% in November.
Pulte Homes (PHM) and DR Horton (DHI) are up, rising a penny to $10.23 and 13 cents to $11.33, respectively, while Toll Brothers (TOL) is down 39 cents, or 2%, at $17.90.
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