Howard Hughes (US:HHH) Newsfilter·2024-08-01 20:08Core Insights - Howard Hughes communities Summerlin and Bridgeland ranked among the top-selling master planned communities in the U.S. for mid-year 2024, with Summerlin at 5 (596 homes sold) and Bridgeland at 8 (498 homes sold) [1][2] - The company anticipates record residential land sales in 2024, with a 163% increase in residential land sales revenues and a 35% increase in average price per acre compared to mid-year 2023 [1][2] - The demand for homes in these communities is driven by their amenity-rich environments and strong local job markets, particularly in Summerlin, where job growth has outpaced the national average [1][2] Summerlin Community - Summerlin spans 22,500 acres and is home to approximately 127,000 residents, offering over 300 parks and 200 miles of trails [3] - The community features a diverse range of housing options with 70 floor plans available, catering to various price points and styles [1][3] - Summerlin has nearly 3,000 acres of raw land remaining for future development, including three new commercial cores [1][3] Bridgeland Community - Bridgeland is an 11,500-acre community in Cypress, Texas, recognized for its extensive outdoor amenities and commitment to environmental conservation [4] - The community includes over 3,000 acres of parks and lakes, with a focus on promoting a healthy lifestyle through recreational opportunities [4] - Bridgeland Central, a 925-acre urban district, is under development and will enhance commercial growth in the area [4] Market Performance - The RCLCO report indicates that master planned communities like Summerlin and Bridgeland are outperforming the broader new home market, with Houston being the top-performing metropolitan area [2] - Houston had 13 communities in the top 50, accounting for nearly 24% of sales among ranked MPCs, while Las Vegas followed with over 2,000 sales [2]