HOV - Homebuilder stocks rise after strong March home sales report

Homebuilder stocks climb as new home sales rebounded more than expected in March following February's dip due to severe winter storms.That brought U.S. single-family home sales to the highest level since 2006. Furthermore, the supply of new homes fell to a supply of 3.6 months at the current sales rate, down from 4.2 months in January.On Thursday, Freddie Mac reported that the average 30-year fixed-rate mortgage edged down to 2.97% from 3.04% in the previous week, meaning interest rates aren't making houses any less affordable.The iShares U.S. Home Construction ETF gained 1.5% in today's session; D.R. Horton (DHI), one of the biggest U.S. homebuilders, jumped 3.4%. Other big gainers include: Tri Pointe Homes ([[TPH]] +5.7%), Beazer Homes USA ([[BZH]] +1.9%), and ever-volatile Hovnanian Enterprises ([[HOV]] +9.0%).ETFs: [[ITB]], [[XHB]], [[NAIL]], [[HOMZ]], [[PKB]]

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Homebuilder stocks rise after strong March home sales report