Shares of homebuilders and housing-related stocks are trading lower in sympathy with Lennar, which reported a decline in average sales price per home. Additionally, a Redfin report showed nearly 60,000 home-purchase agreements were canceled in August.
Portfolio Pulse from Benzinga Newsdesk
Shares of homebuilders and housing-related stocks are trading lower due to a decline in Lennar's average sales price per home and a Redfin report showing nearly 60,000 home-purchase agreements were canceled in August.
September 15, 2023 | 5:01 pm
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NEGATIVE IMPACT
Lennar's stock is trading lower due to a reported decline in the average sales price per home.
Lennar's reported decline in the average sales price per home is a negative indicator for the company's profitability, which is likely causing the stock to trade lower.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Redfin's report of nearly 60,000 canceled home-purchase agreements in August is likely negatively impacting the housing market and related stocks.
Redfin's report of a high number of canceled home-purchase agreements indicates a potential slowdown in the housing market, which is likely causing related stocks to trade lower.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80