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Launched on 05/01/2006, the iShares U.S. Home Construction ETF (ITB) is a passively managed exchange traded fund designed to provide a broad exposure to the Consumer Discretionary - Broad segment of the equity market.
New home sales jumped to their highest level in over three years in April, beating expectations. According to the Census Bureau, new home sales were at a seasonally adjusted annual rate of 743,000 last month, higher than the 694,000 forecast.
"Everyone still needs a place to live," says Rogers Healy. He argues homebuilders companies have and will continue to experience plenty of strength heading into the rest of the year.
US construction spending unexpectedly declined in March, and the country's manufacturing sector continued its downward slide in April, as rising tariffs and high borrowing costs put pressure on builders and factory output. The data points to growing concerns about the strength of the US economy amid persistent inflationary pressures and trade tensions.
New home sales reached a six-month high in March, beating expectations. According to the Census Bureau, new home sales were at a seasonally adjusted annual rate of 724,000 last month, higher than the 684,000 forecast.
Last week's economic narrative was dominated by a surge in retail sales as consumers seemingly bought ahead of tariffs while a volatile stock market experienced a sharp mid-week sell-off following a Federal Reserve warning on tariff uncertainty. While March saw a significant jump in consumer spending, this pre-tariff strength is unlikely to be sustained.
The numbers: Confidence among home builders inched up in April but remained in negative territory as developers struggle with an uncertain political environment.
Following the worst week since the start of the pandemic, let's examine the health of the U.S. stock market on World Health Day.
The iShares U.S. Home Construction ETF (ITB) was launched on 05/01/2006, and is a passively managed exchange traded fund designed to offer broad exposure to the Consumer Discretionary - Broad segment of the equity market.
Homebuilders are off to a slow start this spring as high mortgage rates and looming tariff uncertainties are weighing on buyers' sentiments.