Robust IndustryFundamentals

Increasing Demand

• Household formation estimated to increase by 1.2 million annually

• Record levels of homeownership

• Changing buyer profile driven by demographics

Constrained Supply

• Land constraints and entitlement restrictions

• Reduced speculative building

Expanding share for public builders

• Consolidating industry

• Size and scale of major public homebuilders leads to sustainable competitive advantages

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