Taylor Morrison’s CEO told CNBC that the housing market’s strength has broadened, a shift from several months ago when the builder saw the most interest from Millennial buyers. The home building giant reported a 6% year-over-year increase and revenue of $1.6 billion last quarter. Net sales orders increased by 46% compared to the same time last year, according to CNBC. CEO Sheryl Palmer says Millennials interested in ditching their apartments for more space were the most popular type of buyer, but now the demand for new-homes comes from a wider range of buyers.
Since then, the search for a new home has now moved across all consumer groups and ages, she said. “The 55 [years old] plus lifestyle buyer was the last one that we saw come back because they weren’t really traveling for all the right reasons, but given all of our virtual tools, we are seeing them in such a big way.”
Taylor Morrison’s revenue of $6.13 billion in 2020 was up 28.7% compared with 2019.
Shares of Taylor Morrison finished higher by 2.52% Thursday to $30.15 apiece. The stock is up about 370% since its pandemic-era bottom of $6.39 on March 19.