The housing market took a blow today as the Department of Commerce reported that U.S. homebuilding fell to a nine-month low in June while building permits declined for a third straight month.
In addition, housing starts fell by 12.3 percent to a seasonally adjusted annual rate of 1.173 million units in June– the lowest level since September 2017.
Three of the biggest homebuilder ETFs in terms of total assets were on the downside as of 11:00 a.m. ET–iShares US Home Construction ETF (BATS: ITB)–down 1.23%, SPDR S&P Homebuilders ETF (NYSEArca: XHB)–down 0.66% and Invesco Dynamic Building & Const ETF (NYSEArca: PKB)–down 0.61%.
The ETF with the largest total assets, ITB, has struggled to move past its 200-day moving average price of $39.49 and is down 12.53% year-to-date per Yahoo! performance numbers.
