U.S. new-home sales dropped 13.4% in July and the report was below expectations. [Builder ETFs Fall on New-Home Sales Miss]
This was an unambiguously weak report, and it reflects in part some of the negative impact of higher mortgage rates,” said Millan Mulraine, director of U.S. research and strategy at TD Securities, in a separate MarketWatch report.
SPDR S&P Homebuilders ETF
For more information on the housing market, visit our homebuilders category.
Max Chen contributed to this article.
Full disclosure: Tom Lydon’s clients own XHB.