PulteGroup Boosts Community Count With Parallel And Icon
Zacks Investment Research | Nov 10, 2019 09:20PM ET
PulteGroup, Inc. (NYSE:PHM) , through Pulte Homes, announced the opening of two neighborhoods — Parallel and Icon. The neighborhoods are located at Grace Park, the builder’s latest for-sale residential development in Inglewood, CA.
Pulte Homes, which mainly caters the move-up buyer segment, will offer two- and three-story floor plans with a range of 1,564-2,572 square feet size. Parallel consists of 45 low-maintenance detached townhomes, while Icon at Grace Park is a new collection of 60 single-family auto court-style homes. With price starting around $800, Grace Park community will support Smart Home technology options.
PulteGroup has been experiencing higher demand courtesy of lower interest rates and improved affordability conditions. Moreover, the company has been investing in new communities, as reflected in the 4% increase in active community count to 865 in third-quarter 2019. It has also witnessed higher absorption pace of 9% in the quarter, driven by a 22% increase from first-time communities and an 8% increase from move-up communities. Orders also rose 13% year over year, courtesy of higher demand.
Meanwhile, shares of PulteGroup, a Zacks Rank #1 (Strong Buy) company, have outperformed the industry year to date. Its shares have surged 46.9% compared with the Zacks Investment Research
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