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The housing market got two pieces of bad news Friday. The first being weaker-than-expected earnings for KB Home (NYSE: KBH) and the second being a less-than-expected rise in new home sales last month.
First, the good news. New home sales did rise last month. In the current economic environment, that by itself is good news. Unfortunately the rise was less than analysts had been expecting to see.
Continue reading New home sales rose less than expected last month
California based home builder KB Home (NYSE: KBH) will have its turn to impress Wall Street Friday morning when it reports its third quarter earnings numbers.
Shares in Toll Brothers (NYSE: TOL) struggled to hold onto ground gained early in the trading session, a day after the luxury home-builder reported a much larger quarterly loss. Shares rallied shortly after the morning bell on comments from Toll on Thursday that it sees the U.S. housing market beginning to stabilize.
Trading volume hit a peak just before 10 a.m. ET when 95,000 shares traded hands. But a new survey showing a decline in consumer confidence helped push trading volume lower and the stock dipped into negative territory before resuming positive gains.
Continue reading Toll Brothers shares rise as overall market slips
U.S. housing starts fell again in August, indicating that the worst housing slump in a generation will continue to weigh on the U.S. economy.
U.S. new home sales fell to a seasonally adjusted, annualized pace of 590,000 in February 2008 -- a 13-year low, the U.S. Commerce Department announced Wednesday (click here for the pdf).
Economists surveyed by Bloomberg News had expected February 2008 new home sales to register a 575,000 annualized rate.
Sales have now declined for four consecutive months, and are down about 30% in the last 12 months.
Meanwhile, January 2008 sales were revised up slightly, to 601,000 from the earlier released 588,000.
The number of homes on the market declined 2.1% to 471,000, the lowest level since July 2005. Also, the median sales price fell 2.7% in February 2008 to $244,100.
Continue reading February U.S. new home sales fall to 13-year low
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