Homebuilder Taylor Morrison plans dozen of townhomes, commercial space in Apex bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
As the economy continues to improve, we re going to see mortgage rates move up, and I think that should be expected. They re not going to stay under 3% forever, CEO Sheryl Palmer said on Closing Bell. However, she added, the lack of supply and the overwhelming demand is something that will be with us for years to come.
Earlier Wednesday, the Mortgage Bankers Association s seasonally adjusted index showed that mortgage demand decreased for the second week in a row this week, dropping by 1.8% to their lowest level since the beginning of 2020. Home purchase applications and mortgage applications to refinance a home both dropped for the week, even though mortgage rates dipped.
It s a phenomenal dynamic we re seeing out in the marketplace, Palmer said in an interview on Closing Bell, one day after the nation s fifth largest homebuilder reported fourth-quarter revenue of $1.6 billion, up 6% year over year. Net sales orders were up 46% compared with the same period a year earlier. We re seeing strength across pretty much all geographies as well as all consumer groups. That s a shift from a few months ago, said Palmer, who has led Scottsdale, Arizona-based Taylor Morrison since 2007.
The housing market has been one of the hottest parts of the U.S. economy as it digs out of the pandemic-induced recession. However, Palmer said the heat was unevenly distributed when home sales started to pick up after initially grinding to a halt in the spring.