Homebuilder exchange traded funds have been strong market performers since the October bottom, but some analysts are cautioning investors not to chase the rally.

Lennar (NYSE: LEN) shares rose Wednesday after the homebuilder reported lower-than-expected quarterly profit but beat on the top line. The company said revenue rose nearly 11%.

The stock is a holding in iShares DJ US Home Construction (NYSEArca: ITB) and SPDR S&P Homebuilders (NYSEArca: XHB), ETFs that invest in homebuilders and related housing sectors.

Both funds have gained over 10% the past month and have rallied above their 200-day moving averages. They are up nearly 6% over the last week alone.

Yet stepping back, the housing ETFs have languished since the bubble popped in 2007 and remain well below the peak.

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