Taylor Morrison has sold almost as many homes in the first half of 2010 as it did during the same time last year, only with fewer communities open, its parent company, the U.K.-based Taylor Wimpey, announced Monday in advance of its July 4 first-half end.
The company did not break out the number of homes it sold in the United States from the total sales it made in its North American division, which includes the more robust Canadian market, but said it sold at a pace of almost 1.9 homes a month per community in its U.S. neighborhoods, close to its 2009 absorption rate. However, its community count fell from an average of 174 in 2009 to 136 for 2010.
Largely because of Canada's stronger home sales market, the company's North American business has sold 78% of its expected 2010 total completions. The company is expecting to finish 1,800 homes in the first half of 2010 compared with 1,933 in the first half of 2009.
Taylor Wimpey's trading update mentioned that the market for land in the United States is changing from focusing on short-term assets toward buying medium-term and longer-term land.
"We remain focused on selective deals where we can earn strong returns over the medium term," the company statement said.
Volatility is expected in the U.S. market during the next few months as a result of the cessation of the federal home buyer tax credit, it continued. "We do, however, remain of the view that clearer signs of a sustainable recovery will become apparent toward the end of this year."