Housing Sector In Focus Amid Several Data Points This Week
The SPDR S&P Homebuilders (ETF) (NYSE: XHB) advanced about 1.7 percent Monday morning after the National Association of Home Builders reported improved confidence on the sector.
The NAHB's index for builder sentiment jumped six points and topped the Street expectations. The Index moved up to 65 from 59 in August, which was higher than the 60 points expected by the economists.
The NAHB releases the data to indicate the level of current, as well as, future single-family home sales. Therefore, the data suggested that it reached the highest level in close to a year, thus indicating a favorable trend for the current year and next year.
Aside from the current data, there are other data waiting to be released later this week, including:
- September 20: Housing starts for August. Market expects 1.186 million on top of 1.211 million recorded in the preceding month.
- September 20: Building permits for August. Market estimates 1.16 million compared 1.152 million reported for July.
- September 22: Existing home sales for August. Market expects 5.5 million on top of 5.39 million recorded in the preceding month.
Following the news, XHB was seen up 1.6 percent Monday, trading at $34.39.
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