Yahoo Finance Century Communities' (CCS) Brand to Open Communities in Alabama
The reportable brand of Century Communities, Inc. CCS, Century Complete, has announced the expansion of home offerings in the Huntsville, AL area with three additional communities.
Century Complete brand expects to open the new communities by 2025, bringing more than 400 new homesites to the Huntsville market in 2024-2025. The homes in the new communities will showcase contemporary open-concept layouts with flex spaces and included features like granite countertops and stainless-steel appliances. Furthermore, the houses are single-family friendly with affordable pricing and have diversified options for the homebuyers to choose from.
Currently, Century Complete is offering new homes for sale at communities in markets including Athens, Owens Cross Roads and Meridianville.
Improving Housing Demand Bodes Well
In the current market backdrop, homebuilders like Century Communities have been benefiting from the low inventory of existing homes for sale and a stabilized interest rate scenario. Given the ongoing inflationary risks, the availability of affordable homes and various supporting financial offerings are the drivers for increased housing demand.
During the first quarter of 2024, Century Communities witnessed 23.3% growth in home deliveries to 2,358 units on a year-over-year basis. This uptick in home deliveries was backed by an increase in the number of homes under construction and affordable home offerings. Also, the company’s focus on spec-homes drove its profitability.
At the end of the first quarter, net new home contracts rose 41.7% year over year to 2,866 units from 2,022 units. CCS’ selling communities also witnessed 8.1% growth to 253 from 234 in the year-ago period.
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Given the improving trend, shares of this homebuilder gained 4.7% in the past month, outperforming the Zacks Building Products - Home Builders industry’s 1.1% growth. Going forward, the company aims to focus on entry-level homes, affordable pricing, cost efficiency and a land-light operating model to leverage the positive housing market backdrop for fostering its growth.
Zacks Rank & Key Picks
Century Communities currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Construction sector.
Martin Marietta Materials, Inc. MLM currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
MLM delivered a trailing four-quarter earnings surprise of 12.6%, on average. The stock has gained 43.2% in the past year. The Zacks Consensus Estimate for MLM’s 2024 sales and earnings per share (EPS) indicates growth of 4.6% and 13.5%, respectively, from the prior-year reported levels.
PulteGroup, Inc. PHM currently sports a Zacks Rank of 1. It has a trailing four-quarter earnings surprise of 12.5%, on average. PHM shares have surged 69.8% in the past year.
The Zacks Consensus Estimate for PHM’s 2024 sales and EPS indicates increases of 7.9% and 10%, respectively, from the prior-year reported levels.
Dycom Industries, Inc. DY presently sports a Zacks Rank of 1. DY delivered a trailing four-quarter earnings surprise of 30.2%, on average. The stock has surged 69.5% in the past year.
The Zacks Consensus Estimate for DY’s fiscal 2024 sales and EPS indicates improvements of 9.3% and 3.4%, respectively, from a year ago.
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PulteGroup, Inc. (PHM) : Free Stock Analysis Report
Martin Marietta Materials, Inc. (MLM) : Free Stock Analysis Report
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Dycom Industries, Inc. (DY) : Free Stock Analysis Report
