Home builder Taylor Morrison says the surge in new housing starts is being powered in part by Millennial buyers.
Consumers are “changing their relationship with homeownership” and it’s evident in the increase of the number of people who are saving, Sheryl Palmer, CEO of Taylor Morrison, told CNBC in a “Mad Money” interview.
“People are feeling good, and their confidence is absolutely showing in the real estate market, and that’s not even to mention the demographic tailwinds we have with how the millennials are feeling about buying their first or second house, and certainly the boomers,” Palmer said in a sitdown with Jim Cramer.
Taylor Morrison, which has operations in eight markets including California, Georgia, North Carolina and Illinois, last week announced that it saw a 30% year-over-year increase in housing orders for the months of July and August. Palmer credits lower interest rates and cheaper mortgages for the boost in demand.
Advertisement
Related Stories
Sales + Marketing
New-Home Sales and Navigating the 3 D’s: Death, Divorce, and Downsizing
Here’s how home sales experts manage challenging lifestyle changes with and for their buyers
Housing Policy + Finance
Even With Inflation Running Hot and Elevated Mortgage Rates, Buyer Demand Rises
Mortgage rates will likely stay high for the next few months, but that doesn't seem to be deterring homebuyers
Market Data + Trends
A Look at Homeownership Rates Across the Nation
Data for homeownership rates in the 100 largest US cities show Port St. Lucie, Fla., in the top spot, while West Virginia is the state with the most homeowners