Taylor Morrison Warns of U.S. Housing Slowdown as Rising Mortgage Rates Deter Buyers
In a significant development for the residential real estate market, Taylor Morrison, a prominent national homebuilder, has issued a cautious outlook for the U.S. housing sector. According to an official statement released Tuesday, the company reported a 15 percent decline in new home orders during the fourth quarter, attributing the slowdown to persistently elevated mortgage rates and persistent affordability challenges. The firm’s chief executive officer, Sheryl Palmer, cited a sharp decrease in buyer traffic and an increase in cancellation rates, which are now tracking above historical averages. Taylor Morrison’s shares fell by 3.2 percent in midday trading following the announcement, as analysts revised their 2024 delivery forecasts downward. The report underscores broader concerns about the stability of the housing market, with industry experts now predicting a sustained contraction in sales volumes through mid-year.