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Record Home Sales for June Boost Taylor Morrison

By Christiana Sciaudone

Investing.com -- Taylor Morrison (NYSE:TMHC) just had its best sales month in company history. Shares are up 14%.

The fifth largest home builder in the U.S. saw a 94% increase in net sales orders year-over-year for a total of 1,715 and a monthly all-time high sales pace of 4.3. Taylor Morrison finished the second quarter with net sales orders up approximately 23% year-over-year and a sales pace of 2.8.

Shares have more than tripled after hitting an all-time low in March.

CEO Sheryl Palmer cited low interest rates and limited resale inventory as reasons behind the sales boom.

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Closings for the quarter came in at 3,212, an increase of approximately 24% compared to the same period in 2019. Sales order backlog of homes under contract increased approximately 35%, to 6,805 homes, with a sales value of $3.2 billion as of June 30, 2020 compared to a sales value of $2.5 billion as of June 30, 2019.

The company reported strength across the 11 states it operates in, and across price points and consumer groups.

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