The bears love to hate the housing sector, and for years they have been on the wrong side of the trade. On Tuesday, the new home sales number was released, and it crushed estimates. Within the report, the January number was revised higher to 500k, marking the first time sales have hit at least 500k in consecutive months since early 2008.
Last week, one of the nation's largest homebuilders, KB Home (NYSE: KBH), crushed earnings estimates when it announced its first quarter data. For the quarter ending February 28, the company reported revenue of $580 million, up 28 percent year-over-year and beating estimates by $105.2 million. Earnings per share came in at $0.08, beating estimates by $0.06.
Another popular homebuilder that performed well recently also reported earnings last week. Lennar Corporation (NYSE: ...
/www.benzinga.com/etfs/sector-etfs/15/03/5352720/housing-etfs-near-8-year-highs alt=Housing ETFs Near 8-Year Highs>Full story available on Benzinga.com
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