In an interview with CNBC "Mad Money" host Jim Cramer, TRI Pointe Group CEO Douglas Bauer talked about buyer sentiment in the first quarter.
Said Bauer, “The consumer is definitely more engaged,” adding that he saw a "momentum shift" in Q1 2019. The CEO told Cramer that first-quarter earnings indicated market weakness in the second half of 2018, “We’ve got about a 23 percent margin in our backlog, and we’ve got a good runway for the rest of the year,” he said. “A lot of wood to chop, but the market’s looking good.”
An amalgamation of local housing companies, TRI Pointe has surged more than 19 percent this year along with the home building sector, which is up more than 25 percent. Lower mortgage rates have helped return buyers to the housing market, Cramer noted.
“It’s our 10 year anniversary. We went from zero to $3.2 billion [in 2018 home sales revenue]. Our goal for the next 10 [years] is double that,” Bauer said. “So those are great markets for us to grow in, in addition to Texas and the rest of the Southwest.”
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