SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Nov 21, 2012) - The majority of homebuilders rose Monday after more positive news supporting the recovery of the U.S. housing market was released. The National Association of Realtors reported that U.S. home sales increased 2.1 percent in October. The SPDR S&P Homebuilders ETF (XHB) rose 2.3 percent Monday and is up nearly 50 percent year-to-date. The Paragon Report examines investing opportunities in the Residential Construction Industry and provides equity research on KB Home (NYSE: KBH) and Hovnanian Enterprises, Inc. (NYSE: HOV).
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The seasonally adjusted annual sales rate rose to 4.79 million in October, which is approximately 11 percent higher than last year's pace. The pace is still below the 5.5 million mark that economists believe is a "healthy" market. The Realtors' group has reported that the median price for preoccupied homes has reached $178,600, an 11.1 percent increase from a year ago. The supply of homes available for sale fell to a 10 year low, with 2.14 million homes available for sale at the end of October.
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Earlier this month US homebuilder confidence was reported to be at a 6-year high. The National Association of Home Builders/Wells Fargo builder sentiment index rose to 46 in October from 41 in September.
"In view of the tightening supply and other improving conditions, many potential buyers who were on the fence are now motivated to move forward with a purchase in order to take advantage of today's favorable prices and interest rates," said NAHB Chairman Barry Rutenberg.
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