Builders Gain On New-Home Sales Data

Shares of home builders jumped on news that new-home sales climbed more than anticipated in July, staging their fourth straight month of strong gains, and adding more evidence that the housing market is emerging from the worst downturn in decades.

Sales of single-family homes increased by 9.6% to a seasonally adjusted annual rate of 433,000 compared to the prior month, the Commerce Department said Wednesday. That was the highest number sold since September 2008 and well above projections for a 1.6% gain to 390,000 by economists surveyed by Dow Jones Newswires.

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- Posted: 2009-08-26 11:09:43

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