Despite rising mortgage rates sales of new homes spiked 7.9 percent in August, following a 14.1 percent drop in July, to a seasonally adjusted annual rate of 421,000, the Commerce Department reported Wednesday. New-homes sales are up 12.6 percent when compared to a year ago. The number of homes available for sales grew to 175,000, a 3.6 percent increase from July. "There is still a significant demand pipeline," economists at RBS said in a recent note to clients. "However, it is possible that higher rates will mitigate excess demand, slowing the brisk home price appreciation we have seen since last year."
M.D.C. Holdings, Inc. (NYSE: MDC) shares traded in the range of $30.09 to $31.25 Wednesday before settling to close at $30.65, an increase of 0.43 percent. The stock appears to be facing some resistance at the $32.06 and $32.59 levels with some support at $30.57. Shares of M.D.C. Holdings have fallen approximately 16.0 percent in 2013.
More information on M.D.C. Holdings and access to the free equity report can be found at:
www.WallStreetFundamentals.com/MDC
M/I Homes Inc. (NYSE: MHO) shares traded in the range of $20.23 to $21.16 Wednesday before settling to close at $20.79, an increase of 1.71 percent. The stock appears to be facing some resistance at the $21.67 and $22.22 levels with some support at $20.40. Shares of M/I Homes have fallen approximately 21.0 percent in 2013.
More information on M/I Homes and access to the free equity report can be found at:
www.WallStreetFundamentals.com/MHO
Meritage Homes Corp. (NYSE: MTH) shares traded in the range of $42.85 to $44.31 Wednesday before settling to close at $43.41, a decrease of 0.21 percent. The stock appears to be facing some resistance at the $43.55 and $44.44 levels with some support at $42.81. Shares of Meritage Homes have gained approximately 16.0 percent in 2013.
More information on Meritage Homes and access to the free equity report can be found at:
www.WallStreetFundamentals.com/MTH
Standard Pacific Corp. (NYSE: SPF) shares traded in the range of $7.92 to $8.23 Wednesday before settling to close at $8.05. The stock appears to be facing some resistance at the $8.15 and $8.34 levels with some support at $7.91. Shares of Standard Pacific have gained approximately 10.0 percent in 2013.
More information on Standard Pacific and access to the free equity report can be found at:
www.WallStreetFundamentals.com/SPF
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