NEW YORK (AP) -- Shares of William Lyon Homes fell during its first day as a public company after a brief spike in the homebuilder's stock
The debut came as the government released mixed results for the housing market in April.
The Commerce Department said U.S. builders broke ground on fewer homes, but most of the decline was in apartment construction. Applications for new construction reached a five-year peak, evidence the housing revival will continue.
William Lyon shares fell $3, or 10.1 percent, to $26.70.
The Newport Beach, Calif. company's initial public offering of 8.7 million shares was priced at $25 each, above the projected range of $22 to $24 per share. It raised $217.5 million from the offering.
The stock is trading on the New York Stock Exchange under the "WLH" ticker symbol.