According to the National Association of Realtors, pending home sales fell 1.0 percent to 104.7 in August, with all major regions experiencing declines except for the West, which rose for the fourth consecutive month.
The 104.7 reading in August was below July's reading of 105.8, and also below last August's reading of 107.8, even though contract signings remained at their second-highest level over the past year.
Shares of homebuilder stocks fell slightly after the release, but have subsequently rallied, with the SPDR S&P Homebuilders (ETF) XHB now trading at the highs of the day at $29.96, still down fractionally.
Shares of Toll Brothers Inc TOL and The Ryland Group, Inc. RYL are also following similar price patterns, trading just off the highs.
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