Monday, November 12, 2012

Lawler on Builder Results

by Bill McBride on 11/12/2012 02:51:00 PM

A few comments and a table from economist Tom Lawler:

D.R. Horton and Beazer Homes released their operating results for the quarter ended September 30th today. Here is a table showing some summary stats for nine large publicly-traded home builders. The net orders and settlements figures include results from “discontinued operations.”

The combined order backlog of the builders on September 30th, 2012 was 30,461, up 44.6% from last September.

CR Note: I broke Tom's table into two sections - the first for orders and settlements, and the second for prices.

This increase in net orders was about the same as last quarter (year-over-year), and the backlog is continuing to increase.

Net OrdersSettlements
Qtr. Ended:9/30/20129/30/2011% Chg9/30/20129/30/2011% Chg
D.R. Horton5,2764,24124.4%5,5754,98711.8%
The Ryland Group1,5071,00849.5%1,3221,01530.2%
Beazer Homes1,1101,0238.5%1,6081,40414.5%
Standard Pacific98976429.5%86169723.5%
Meritage Homes1,20490632.9%1,19784042.5%
MDC Holdings1,00859569.4%1,03970747.0%
M/I Homes75758729.0%74658228.2%

Average Closing Price
Qtr. Ended:9/30/20129/30/2011% Chg
D.R. Horton$231,085 $215,300 7.3%
PulteGroup$279,000 $262,000 6.5%
NVR$321,700 $308,900 4.1%
The Ryland Group$264,000 $249,000 6.0%
Beazer Homes$228,600 $228,100 0.2%
Standard Pacific$369,000 $346,000 6.6%
Meritage Homes$280,000 $259,000 8.1%
MDC Holdings$308,600 $289,800 6.5%
M/I Homes$266,000 $238,000 11.8%
Total$271,027 $254,436 6.5%