Homebuilder Lennar said Tuesday it has opened newly built residential developments in four communities across New Jersey.
The developments are a mix of single-family homes and townhouses in Bordentown, Hammonton, Robbinsville and South Brunswick, the company said. Lennar has built other developments in New Jersey — including in Hopewell and Pennington.
The four new developments are single-family homes in Bordentown called Reserve at Turgyan Farm, three-story townhouses in Hammonton called West End, two-story townhouses in Robbinsville called Preston Pointe and more townhouses in South Brunswick called Carnegie Crossing. Lennar has not released details of the price or size of the new developments.
Lennar officials didn't immediately respond to a request to comment Tuesday. The company's average home sales price dropped to $389,000 nationwide in the second quarter, Lennar officials said in their most recent corporate earnings release.
The developments are part of a long-term vision Lennar has for New Jersey, the company's New York and New Jersey manager, Dana Romano, said in a statement.
"With New Jersey's housing demand continuing to grow, Lennar remains focused on delivering thoughtfully designed homes in locations that offer both lifestyle and convenience," Romano said. "These new communities reflect the values homebuyers care about most — accessibility, quality, sustainability and connection to thriving local neighborhoods."
Lennar is the nation's second-largest home builder, with developments in 29 other states. The company, which reported $8.4 billion in revenue in June, is set to announce third-quarter earnings later this month. Lennar has opened or started construction on other developments in Arizona, Florida and Texas this year.
The Lennar developments likely come as welcome news in the Garden State, where years of little to no new home construction have created a severe housing shortage. New Jersey's under-development of housing started in the late 2000s, soon after the 2008 financial crisis, according to research from nonprofit New Jersey Future, which focuses on smart growth.
In two separate studies, the nonprofit Regional Plan Association found that New Jersey has a shortage of 224,000 affordable housing units. Anywhere from 27,000 to 36,500 units of that gap is in the state's second-largest city, Jersey City.
