Homebuilder sector bucks the stock market’s selloff after new home sales data rise well above expectations

The homebuilder sector edged higher Tuesday, to buck the selloff in the broader stock market, after data on new home sales came in well above expectations. The iShares U.S. Home Construction exchange-traded fund ITB inched up less than 0.1% toward a 15-month high in morning trading, reversing an earlier intraday loss of as much as 0.2%, even as the S&P 500 SPX shed 0.7%. Among the ETF’s more active homebuilders, shares of PulteGroup Inc. PHM climbed 2.0%, Toll Brothers Inc. TOL tacked on 0.

The homebuilder sector edged higher Tuesday, to buck the selloff in the broader stock market, after data on new home sales came in well above expectations. The iShares U.S. Home Construction exchange-traded fund ITB inched up less than 0.1% toward a 15-month high in morning trading, reversing an earlier intraday loss of as much as 0.2%, even as the S&P 500 SPX shed 0.7%. Among the ETF’s more active homebuilders, shares of PulteGroup Inc. PHM climbed 2.0%, Toll Brothers Inc. TOL tacked on 0.

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