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Homebuilder stocks fell broadly Tuesday as construction materials sales slipped for the second straight month.
The XHB, as well as materials sales, fell despite recently strong housing starts data. In April, housing starts rose 6.6 percent to a seasonally adjusted annual pace of 1.17 million units, well above economists' expectations. May housing starts data are due Friday.
"The housing reports are still running seasonal skews due to abnormally warm weather. We will likely begin to see a reversion in that data over the next couple of months," Lance Roberts, chief investment strategist at Clarity Financial, told CNBC in an email. "What is happening at building suppliers is more important since they tend to be a good indicator of actual building activity."
The XHB has been under pressure this year, falling more than 3 percent.
XHB in 2016Source:FactSet