Housing exchange traded funds were in the red Wednesday after the National Association of Realtors said U.S. existing home sales rose last month but revised December’s figures significantly lower.
SPDR S&P Homebuilders (NYSEArca: XHB) and iShares Dow Jones U.S. Home Construction Index Fund (NYSEArca: ITB) were down more than 1% on Wednesday after the housing data.
Existing home sales rose to an 18-month high in January. [Housing ETFs Rise with Builder Confidence]
“However, the tenor of the report was weakened somewhat by a sharp downward revision to December’s sales data to show only a 4.38 million-unit rate rather than the previously reported 4.61 million-unit pace,” Reuters reported.