Homebuilding shares had a tough March.

The iShares U.S. Dwelling Building ETF (ITB), which tracks the group, closed out its worst month ever on Tuesday with a greater than 33% loss since Mar. 1, including to a cacophony of gloomy statistics that included the Dow Jones Industrial Common rounding out its worst first quarter in historical past.

The ache has come amid considerations that the financial affect of the coronavirus pandemic may last more than anticipated, presumably upending the housing market's spring promoting season. President Donald Trump prolonged the nationwide social-distancing tips to Apr. 30 on Sunday.

However some predict a comparatively fast comeback for the group as soon as the worst of the outbreak blows over.

With the ITB nonetheless practically 43% off its 52-week excessive however starting to bounce off a key assist stage, it is displaying promising indicators that trace at a near-term restoration, Craig Johnson, senior technical analysis analyst at Piper Sandler, mentioned Tuesday on CNBC's "Buying and selling Nation."

Given the...