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PulteGroup, Inc. (PHM) - free report >>
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MDC Unveils Three Communities in Menifee, Boosts Presence
M.D.C. Holdings, Inc.’s or MDC subsidiary, Richmond American Homes of California, has been focusing on expanding reach in new and existing locations. To that end, it unveiled three new communities — Seasons Ranch, Seasons Elevated and Liberty at Braverde — in Menifee.
The communities will have ranch and two-story floor plans with designer details as well as nine new models. Also, the location is in close proximity to SR-79 and I-215 as well as various amenities.
Solid Expansion Spree & Favorable Housing Markets Bode Well
MDC remains focused on growing demand for entry-level homes, addressing the need for lower-priced homes, given affordability concerns prevailing in the U.S. housing market. The company invests aggressively in land acquisition and development, which is critical for top-line growth.
Image Source: Zacks Investment Research
Shares of MDC have gained 33.5% over a year compared with the industry's 28.1% rally. The upside is likely to continue, given accretive acquisitions, its focus on the Build-to-Order process and solid housing market backdrop.
Owing to favorable housing market fundamentals, MDC has witnessed a rise in consumer demand, which in turn is driving new orders. New single-family homes’ demand has seen a v-shaped recovery throughout the country and it is not an exception. A combination of lower interest rates and rising need for more work-at-home space has positively impacted affordability, thereby helping the company deliver solid performance
Zacks Rank
MDC — which shares space with PulteGroup, Inc. (PHM - Free Report) , Toll Brothers Inc. (TOL - Free Report) and D.R. Horton, Inc. (DHI - Free Report) in the same industry — currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.