Chrysler Group, LLC posted increased sales of 34% in March, its biggest increase since 2008. The private sector continued a 25-month job growth streak, adding 120,000 jobs. Across the nation, foreclosures had the lowest quarterly total since the final quarter of 2007.
This frankly, is the kind of news that we’ve all been waiting… and hoping… and waiting, to hear. But in our industry, home sales are all that matter. So the question is: Do increased car sales, steady job growth and decreased foreclosures translate to the housing market? We believe they do and want to highlight some of the recent activity in the land markets that “Team San Bernardino” covers.
- In Eastvale, Pulte Homes (NYSE: PHM) has sold 35 homes since January 1st (yes… 35. It’s not a typo).
- In neighboring Mira Loma, Richmond American (NYSE: MDC) is averaging 4 sales per month through the start of the year.
- After opening just three weeks ago, Meritage Homes (NYSE: MTH) has sold 5 homes in its Rancho Cucamonga project, Whispering Ranch.
- Beazer Homes (NYSE: BZH) is continuing to sell well in its Yucaipa and Upland projects, averaging approximately 4 sales per month in each project.
So Here’s the Trend…
Improved absorptions lead to decreased lot inventory. Decreased lot inventory leads to dwindling pipelines. And thus, dwindling pipelines lead to increased land acquisitions!
So stay steadfast brothers and sisters!! We are nearing the end of the proverbial tunnel.