Shares of major U.S. homebuilders rose on Monday after the National
Association of Realtors reported that pending sales of existing U.S.
homes rose in March for a second straight month.
As a group, homebuilders were up 7.3 percent, according to the Dow Jones U.S. Home Construction Index.
KB Home shares were up 9.5 percent at $19.13 while shares of Lennar Corp were up 9.2 percent at $10.33 in midday trading.
The association's pending home sales index, based on contracts
signed in March, rose 3.2 percent to 84.6. Economists polled by Reuters
had forecast flat pending home sales in March.