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Homebuilder shares rise with pending home sales
NEW YORK |
NEW YORK (Reuters) - Shares of major U.S. homebuilders rose on Monday after the National Association of Realtors reported that pending sales of existing U.S. homes rose in March for a second straight month.
As a group, homebuilders were up 7.3 percent, according to the Dow Jones U.S. Home Construction Index.
KB Home shares were up 9.5 percent at $19.13 while shares of Lennar Corp were up 9.2 percent at $10.33 in midday trading.
The association's pending home sales index, based on contracts signed in March, rose 3.2 percent to 84.6. Economists polled by Reuters had forecast flat pending home sales in March.
(Reporting by Helen Chernikoff; editing by Gunna Dickson)
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