Existing Home Sales Rise in February, Homebuilders Gain

Sales of previously owned homes increased in February 2018, despite low inventory and higher prices. The data came in as a breather after the last two month disappointed in terms of existing home sales.Exchange traded funds or ETFs that track the homebuilding industry gained on Wednesday, after the news release. iShares U.S. Home Construction ETF (ITB) gained 1.6% while the SPDR S&P Homebuilders ETF (XHB) was up 1.07%.

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Source: Zacks