Monday, February 04, 2013

Lawler: More Home Builder Results for Last Quarter

by Bill McBride on 2/04/2013 09:09:00 AM

CR Note: the following comments and table are from economist Tom Lawler.

This table is for many of the public home builders as of Dec 2012.

This shows that combined net order are up 37% compared to Q4 2011. As Lawler notes, the combined backlog is up 57.1%!

From Tom Lawler:

The combined order backlog of these companies at the end of 2012 was 26,638, up 57.1% from the end of 2011.

While not all builders comment on pricing trends, those that do have reported increased prices, “pricing power,” and/or lower incentives/price concessions.

As one builder noted, “being able to sell homes at a price that is higher than what it costs to build them is ‘sweet’.”

Net OrdersSettlementsAverage Closing Price
Qtr. Ended:Dec 2012Dec 2011% ChgDec 2012Dec 2011% ChgDec 2012Dec 2011% Chg
D.R. Horton5,2593,79438.6%5,1824,11825.8%$236,067 $214,740 9.9%
PulteGroup3,9263,08427.3%5,1544,30319.8%$287,000 $271,000 5.9%
NVR2,6252,15821.6%2,7882,39116.6%$331,900 $304,600 9.0%
The Ryland Group1,50291564.2%1,5781,04051.7%$270,000 $254,000 6.3%
Standard Pacific98361559.8%97378224.4%$388,000 $374,000 3.7%
Meritage Homes1,09474946.1%1,24089438.7%$294,000 $275,000 6.9%
MDC Holdings86952366.2%1,22179254.2%$318,700 $291,300 9.4%
M/I Homes67350533.3%88766733.0%$273,000 $257,000 6.2%
Total16,93112,34337.2%19,02314,98726.9%$285,300 $265,785 7.3%