NVR, Inc. (NVR - Snapshot Report), a major home building and mortgage banking company, is geared to expand in Raleigh, NC, and announced that it will build luxury homes in the Triangle Area of the region.
The Reston, VA-based homebuilder plans to start with the two communities of Saxonbury in West Cary and Westfall in Chapel Hill in North Carolina.
The homes in the Saxonbury community will enjoy the natural beauty of the wooded environment as well as an easy access to the Wake County schools, the Research Triangle Park, renowned shopping and entertainment centers, and the Raleigh-Durham International Airport. The four bedrooms and four bath homes will also include NVR's Signature Gourmet Kitchens, morning rooms, owner's suites and bonus rooms.
The Westfall community homes, on the other hand, will be in close proximity to the downtown Chapel Hill and the Research Triangle Park, University of North Carolina and its renowned medical system. These homes promise a resort-style swim pool, a tot lot, a dog park and a large multipurpose field, designed for lacrosse and soccer games.
Like all NVR Homes, the upcoming ones at North Carolina are ENERGY STAR certified and carry 10 years’ structural warranty. The residents can, therefore, save up to 30% on monthly utility bills compared with other standard homes.
We like NVR's initiative to constantly introduce new products to capitalize on the improving housing market. However, we would prefer to stay on the sidelines as the housing market is still in the recovery stage and the rest of the macroeconomic parameters are on a slow growth trajectory. Currently, NVR carries a Zacks Rank #3 (Hold).
Other stocks in the homebuilding sector that are performing well and deserve a mention include Hovnanian Enterprises Inc. (HOV - Snapshot Report), The Ryland Group Inc. and Meritage Homes Corp (MTH - Snapshot Report). All of these stocks carry a Zacks Rank #2 (Buy).