Shares of PulteGroup and other home builders, whose stocks had more than doubled in the past year, fell the most since June. News that new-home sales fell 0.3 percent in August fueled concern the rally was overdone. The Standard & Poor’s Supercomposite Homebuilding Index has retreated 7.1 percent since reaching a five-year high on Sept. 21.
Market Mover
Builders’ stocks fall after sales of homes decline
Tony Dejak/Associated Press/File 2012
FBN Securities cut ratings on PulteGroup, Beazer Homes, and Ryland Group to the equivalent of “sell”; Barclays cut D.R. Horton, Lennar, and Toll Brothers to “equal weight.”