Strength of housing market has broadened out, says CEO of homebuilder Taylor Morrison

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Demand for new homes was initially strongest among millennials but has since spread across all age groups, Taylor Morrison CEO Sheryl Palmer told CNBC.

. However, Palmer said the heat was unevenly distributed when home sales started to pick up after initially grinding to a halt in the spring., saw the most traction among younger millennial buyers. They were looking to leave apartments in search of more space, she said, or potentially move out on their own for the first time.

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."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.

. But with such robust demand, Taylor Morrison has observed a narrowing in the price differential between new and existing homes, Palmer said. "When that happens, it creates a real bias for new, so if I'm going to spend the same amount of money, I might as well have a new home," she said.to a seasonally adjusted annual rate of 1.67 million units. It's the highest level since September 2006.

 

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