Back to top

Image: Bigstock

PulteGroup (PHM) Debuts in Greenville and Columbia Markets

Read MoreHide Full Article

PulteGroup, Inc. (PHM - Free Report) has debuted in Greenville with Indigo Park community and Columbia with two Grand Arbor communities, SC.

The Pulte Homes’ Indigo Park community is now open in Easley with a collection of 62 single-family homes starting from $334,990. The Grand Arbor communities by Pulte Homes and Centex in Blythewood cater to the needs of first-time and move-up homebuyers. The house prices start from $301,990 for Pulte Homes and $273,990 for Centex.

PulteGroup is optimistic about the debut of the Indigo Park and Grand Arbor communities, as it provides homebuyers with exceptional home designs and varied options to choose from. The location of the communities also plays a major role in attracting South Carolina’s homebuyers.

PulteGroup’s Focus on First-Time & Move-Up Buyers

PulteGroup is witnessing solid demand for homeownership owing to the evolving macro environment. The increase in demand was witnessed in entry-level and move-in homes. Considering the increase in interest rates since 2022, the company molded its business practices to consistently ensure the flow of appropriate inventory of quick move-in homes.

In the first quarter of 2023, PHM’s home closings increased 6% year over year to 6,394 homes. This uptrend was backed by the company’s modest increase in its quick move-in homes. First-time buyers also increased 18% to 3,177 homes for the said quarter.
 
PHM’s focus on growing demand for entry-level homes and addressing the need for lower-priced homes, given affordability concerns prevailing in the U.S. housing market ensured its growth. The shift from mix to first-time is in line with the company’s strategy of having more than one-third of business in the first-time buyer space.

Zacks Investment Research
Image Source: Zacks Investment Research

In the year-to-date period, shares of PulteGroup have risen 69.8%, outperforming the Zacks Building Products - Home Builders industry’s growth of 45.9%.

Zacks Rank & Other Key Picks

PulteGroup currently sports a Zacks Rank #1 (Strong Buy).

Some other top-ranked stocks that investors may consider from the Construction sector are Martin Marietta Materials, Inc. (MLM - Free Report) , Vulcan Materials Company (VMC - Free Report) and Dycom Industries, Inc. (DY - Free Report) .

Martin Marietta currently sports a Zacks Rank #1. MLM delivered a trailing four-quarter earnings surprise of 31%, on average. Shares of the company have rallied 35.5% in the year-to-date period. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for MLM’s 2023 sales and EPS indicates growth of 19% and 33.1%, respectively, from the previous year’s reported levels.

Vulcan Materials currently flaunts a Zacks Rank #1. VMC has a trailing four-quarter earnings surprise of 7.1%, on average. Shares of the company have gained 28.4% in the year-to-date period.

The Zacks Consensus Estimate for VMC’s 2023 sales and EPS indicates growth of 5.9% and 27.6%, respectively, from the previous year’s reported levels.

Dycom currently flaunts a Zacks Rank #1. DY delivered a trailing four-quarter earnings surprise of 153.7%, on average. Shares of the company have risen 20.2% in the year-to-date period.

The Zacks Consensus Estimate for DY’s fiscal 2024 sales and EPS indicates growth of 8.3% and 41%, respectively, from the previous year’s reported levels.

Published in