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.
Advertisement
Related Stories
Market Data + Trends
Vacation and Investment Home Market Insights
A recent report finds beach homes to be the most sought-after vacation-home type and that the investment potential of a second home is an important factor in the purchasing decision
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable