-May 10,2023-
Texas-based DR Horton plans to build the largest new home subdivision ever in Hanford. At 457 homes, built in 6 phases, the city is processing a draft environmental impact report this month with a public comment period ending May 27.
The new homes would be located in the south part of town -south of Hanford Armona Rd and north of Houston Ave along 10/1/2 Ave and not far from Home Garden. Most of the existing 95 acres where the big project will be built is in agriculture use now.
DR Horton may be the biggest but not in Kings County where there are a contingent of other major builders. DR Horton does have a pending project in Corcoran called Fox Glenn. The company has plenty of other projects in the Valley including 3 in Tulare where homes start at $397K.
In their operational statement the company lays out an ambitious construction schedule launching the project as soon as possible. “Construction will take approximately 24 months, with total buildout of the homes by Q4 2025>”
Besides the homes, the project called Lunaria will feature a 5.82 acre park.
In addition to this new single family project DR Horton has filed another map to build 95 homes on 21 acres between 12th and 13th.
Right now, Kings County’s busiest builders are San Joaquin Valley Homes and Lennar- both with projects in Hanford. Lennar has a 161 unit subdivision in NW Hanford at 13th and Grangeville nearing a final map. Lennar also has a 133 unit project nearby under construction.
Other major projects include Woodside Homes with a 158 unit subdivision under construction and CalClark Farms with a 191 unit project.
San Joaquin Valley Homes tow Hanford subdivision add up to 267 homes – altogether an active Hanford pipeline by builders.
While high interest rates and concern about the economy there has been a dampener put over the industry nationwide. Nevertheless, DR Horton stock is double what it was a year ago
In an earnings release recently, the leading home builder said “the spring selling season is off to an encouraging start.” It added demand improved during the quarter due to “normal seasonal factors,” despite higher mortgage rates and inflationary pressures.
Although higher interest rates and economic uncertainty may persist for some time, the supply of both new and existing homes at affordable price points remains limited,” Board Chairman Donald Horton said in Thursday’s earnings release. “Demographics supporting housing demand remain favorable,” he added.
So far this year builders have permitted 132 homes in the county through May 9 compared to just 78 over the same period in 2022 and slightly down from pre-pandemic times in 2019 when they permitted 158 new homes. Figures are thanks to Construction Monitor.