Millennial Homebuyers Are Pushing the New-Home Market

Home builder Taylor Morrison says the surge in new housing starts is being powered in part by Millennial buyers.

Consumers are “changing their relationship with homeownership” and it’s evident in the increase of the number of people who are saving, Sheryl Palmer, CEO of Taylor Morrison, told CNBC in a “Mad Money” interview.

“People are feeling good, and their confidence is absolutely showing in the real estate market, and that’s not even to mention the demographic tailwinds we have with how the millennials are feeling about buying their first or second house, and certainly the boomers,” Palmer said in a sitdown with Jim Cramer.

Taylor Morrison, which has operations in eight markets including California, Georgia, North Carolina and Illinois, last week announced that it saw a 30% year-over-year increase in housing orders for the months of July and August. Palmer credits lower interest rates and cheaper mortgages for the boost in demand.

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