Wednesday, August 02, 2017

Lawler: Selected Operating Statistics, Large Publicly-Traded Home Builders

by Bill McBride on 8/02/2017 02:45:00 PM

From housing economist Tom Lawler:

Below is a table showing selected operating statistics for eight large, publicly-traded builders for the quarter ended June 30th.

Sales per active community for these builders as a whole last quarter were up 4.9% from a year earlier, while the order backlog for this builder group as of the end of June was up 5.1% from last June. The relative modest year-over-year gains in average prices was in many cases a “mix” issue, with several builders focusing a bit more on first-time buyers. For D.R. Horton, “Express” Homes, its “entry”-level product, represented 36% of net orders and 33% of settlements last quarter, compared to 28% fo both net orders and settlements in the comparable quarter of 2016. PulteGroup’s “higher than average” YOY increase in average sales prices partly reflected an increase in the share of its settlements in its “move-up/luxury” brand.

  Net OrdersSettlementsAverage Closing
Price $ (000s)
Qtr. Ended:6/176/16% Chg6/176/16% Chg6/176/16% Chg
D.R. Horton13,04011,71411.3%12,49710,73916.4%2932900.9%
Pulte
Group
6,3955,69712.3%5,0444,7226.8%3903676.3%
NVR4,6784,3248.2%3,9173,5819.4%3863792.0%
Cal
Atlantic
4,0783,9214.0%3,6533,4844.9%444447-0.7%
Beazer
Homes
1,5951,4907.0%1,3871,3641.7%3413313.0%
Meritage
Homes
2,1532,0733.9%1,9061,950-2.3%4194082.7%
MDC
Holdings
1,5981,646-2.9%1,4121,27211.0%4594492.1%
M/I
Homes
1,4001,3543.4%1,2111,04216.2%3663621.1%
SubTotal34,93732,2198.4%31,02728,15410.2%3593541.4%