Fulton Homes, Arizona’s largest family-owned and -operated homebuilder, saw a 62 percent increase in housing starts in 2020 compared with 2019. In 2020, Fulton Homes started construction on 1,121 homes, compared with 692 home starts in 2019. Additionally, the Tempe-based homebuilder sold a total of 1,272 homes in 2020, a 44 percent increase compared with 883 homes sold in 2019. The company expects to sell more than 1,500 homes in 2021.
“To do this kind of business speaks to the vision we have for our homebuyers and communities,” said CEO Doug Fulton. “The ups and downs of the last year were unpredictable, so we’re grateful we can be in a position to sell homes to families in an extremely lean market.”
The increase in both housing starts and home sales proves the intense demand for new Valley homes. A combination of low mortgage rates and an influx of buyers from out of state are causing a shortage of inventory and a need for more new home developments.
Fulton Homes has a long history of buying large tracts of land to plan for master-planned communities. The company’s most recent announced community, Barney Farms, in Queen Creek covers 550 acres and will add 1,700 homes to the market.
Fulton Homes currently has more than 6,000 lots available for future development; however, national builder competition for land deals in the Phoenix market is extremely active and competitive. “It sounds like a lot of inventory, but it’s not,” Fulton Homes President Norman Nicholls recently told the Phoenix Business Journal. Fulton Homes continues to look for opportunities to purchase land to develop future master-planned communities.
For buyers looking for their new home, Fulton Homes introduced its “No Waiting, No Lottery,” sales process in 2020. This allows families to avoid bidding wars, waiting lists and lotteries to make the homebuying process stress free. Fulton Homes “No Waiting, No Lottery” sales process is unique in the Arizona-based homebuilding industry.