NVR, building under the Ryan Homes, NVHomes, and Heartland Homes brands, announced a first quarter profit of $394.3 million, or $116.41 per share. The results represented year-over-year increases of 14% and 17%, respectively.
Consolidated revenues for the first quarter totaled $2.33 billion, which increased 7% from $2.18 billion in the first quarter of 2023.
New orders in the first quarter increased by 3% to 6,049 units with an average sales price of $454,300. The builder’s cancellation rate was 13%, compared with 14% in the first quarter of 2023.
Settlements increased by 10% to 5,089 units with an average settlement price of $449,200. Their backlog of homes sold but not settled increased on a unit basis by 7% to 11,189 units and increased on a dollar basis by 9% to $5.22 billion.
Home building revenues of $2.29 billion in the first quarter increased by 7%, compared with home building revenues of $2.13 billion in the first quarter of 2023. Gross profit margin decreased slightly to 24.5%. Income before tax from the home building segment totaled $441.7 million.
In the builder’s mortgage banking segment, mortgage closed loan production totaled $1.38 billion in the first quarter, a year-over-year increase of 11%. Income before tax from the mortgage segment totaled $29 million, an increase of 3% when compared with last year.
