The rise in pending home sales in November was greater than expected.
“It looks like buyers are becoming more confident and are attracted to record-low mortgage rates,” said Aaron Smith, a senior economist at Moody’s Analytics, in a Bloomberg report. Yet activity “still looks depressed by historical standards,” he added.
SPDR S&P Homebuilders ETF (NYSEArca: XHB) and iShares Dow Jones U.S Home Construction Index Fund (NYSEArca: ITB) rose about 3% on Thursday. They were in negative territory for the year heading into the day’s trading on weak housing data.
iShares Dow Jones U.S Home Construction Index Fund
