Homebuilder ETFs jump on strong housing starts data

Homebuilder exchange-traded funds rallied Thursday as economic data confirmed continuing robust demand for newly constructed homes. The Hoya Capital Housing ETF,
HOMZ,
+1.45%
which has the broadest exposure to residential real estate, gained 1.6% at midday. The iShares U.S. Home Construction ETF
ITB,
+1.27%
was up 1.2%, and the SPDR S&P Homebuilders ETF
XHB,
+0.98%
rose 0.8%. As a reminder that strong demand can sometimes pressure prices uncomfortably upward, the iShares Global Timber & Forestry EF
WOOD,
+0.78%
was up 1%. It’s gained over 22% in the past three months.