RED BANK, N.J., March 7, 2012 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE:HOV), a leading national homebuilder, reported results for its first quarter ended January 31, 2012.
| RESULTS FOR THE THREE MONTH PERIOD ENDED JANUARY 31, 2012: |
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Total revenues were $269.6 million in the fiscal 2012 first quarter compared with $252.6 million in the prior year's first quarter.
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Homebuilding gross margin percentage, before interest expense included in cost of sales, was 16.5% for the fiscal 2012 first quarter, compared to 16.9% during the first quarter of 2011 and 15.5% for the fourth quarter of fiscal 2011.
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Total SG&A, which includes homebuilding selling, general and administrative and corporate general and administrative expenses, was $46.0 million for the quarter ended January 31, 2012 compared to $55.2 million in the 2011 first quarter and $57.8 million for the fourth quarter of fiscal 2011.
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Consolidated pre-tax land-related charges for the three months ended January 31, 2012 were $3.3 million, compared with $13.5 million in the first quarter of the prior year.
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Other operations was a loss of $5.4 million in the first quarter of 2012, $4.6 million of which is related to expenses associated with the $195 million debt for debt exchange offer completed during November 2011, compared with a loss of $0.9 million in the 2011 first quarter.
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During the first quarter of fiscal 2012, $44.0 million of unsecured senior notes were repurchased for $20.5 million in cash, including accrued interest, resulting in a $24.7 million gain on extinguishment of debt.
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Excluding land-related charges, expenses associated with the debt exchange offer and gain on extinguishment of debt, the pre-tax loss for the quarter ended January 31, 2012 was $34.3 million compared with $51.0 million in last year's first quarter.
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For the first quarter of 2012, the after-tax net loss was $18.3 million, or $0.17 per common share, compared with $64.1 million, or $0.82 per common share, in the same period of the prior year.
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Net contracts for the three months ended January 31, 2012, including unconsolidated joint ventures, increased 27% to 1,079 homes compared with 850 homes during the same quarter a year ago.
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Net contracts for the month of February 2012 were 528, an increase of 38% over the same month last year.
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Contract backlog, as of January 31, 2012, including unconsolidated joint ventures, was 1,730 homes with a sales value of $578.4 million, which was an increase of 28% and 33%, respectively, compared to January 31, 2011.
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The contract cancellation rate, excluding unconsolidated joint ventures, in the fiscal 2012 first quarter was 21%, compared with 22% in the prior year's first quarter.
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At January 31, 2012, there were 220 active selling communities, including unconsolidated joint ventures, compared with 201 active selling communities at January 31, 2011 and 214 active selling communities at October 31, 2011.
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Deliveries, including unconsolidated joint ventures, were 1,012 homes for the fiscal 2012 first quarter, up 13% compared with 892 homes during the first quarter of 2011.
- The valuation allowance was $905.2 million as of January 31, 2012. The valuation allowance is a non-cash reserve against the tax assets for GAAP purposes. For tax purposes, the tax deductions associated with the tax assets may be carried forward for 20 years from the date the deductions were incurred.
| CASH AND INVENTORY AS OF JANUARY 31, 2012: |
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After spending $74.1 million in the first quarter on land and land development and $42.6 million to complete the debt exchange offer and to repurchase debt, homebuilding cash was $201.7 million, as of January 31, 2012, including $35.7 million of restricted cash required to collateralize letters of credit.
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Cash flow in the first quarter of fiscal 2012 was negative $49.3 million, after spending $74.1 million of cash to purchase approximately 690 lots and to develop land across the Company's markets. Excluding land and land development spending, cash flow would have been approximately $24.8 million positive in the first quarter of 2012.
- As of January 31, 2012, the land position, including unconsolidated joint ventures, was 29,613 lots, consisting of 9,139 lots under option and 20,474 owned lots.
| COMMENTS FROM MANAGEMENT: |
"We were very pleased with the 27% year-over-year growth in net contracts, the 28% year-over-year increase in backlog and the 100 basis point sequential improvement in gross margin during our first quarter," commented Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer. "Additionally, the spring selling season is off to a good start in February 2012, with 38% year-over-year growth in net contracts and home prices remained relatively stable throughout the first quarter. We are hopeful that these positive trends continue throughout the spring selling season," concluded Mr. Hovnanian.
| WEBCAST INFORMATION: |
Hovnanian Enterprises will webcast its fiscal 2012 first quarter financial results conference call at 11:00 a.m. E.T. on Wednesday, March 7, 2012. The webcast can be accessed live through the "Investor Relations" section of Hovnanian Enterprises' Website at http://www.khov.com. For those who are not available to listen to the live webcast, an archive of the broadcast will be available under the "Audio Archives" section of the Investor Relations page on the Hovnanian Website at http://www.khov.com. The archive will be available for 12 months.
| ABOUT HOVNANIAN ENTERPRISES®, INC.: |
Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank, New Jersey. The Company is one of the nation's largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, Minnesota, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company's homes are marketed and sold under the trade names K. Hovnanian® Homes®, Matzel & Mumford, Brighton Homes, Parkwood Builders, Town & Country Homes and Oster Homes. As the developer of K. Hovnanian's® Four Seasons communities, the Company is also one of the nation's largest builders of active adult homes.
Additional information on Hovnanian Enterprises, Inc., including a summary investment profile and the Company's 2011 annual report, can be accessed through the "Investor Relations" section of the Hovnanian Enterprises' website at http://www.khov.com. To be added to Hovnanian's investor e-mail or fax lists, please send an e-mail to IR@khov.com or sign up at http://www.khov.com.
The Hovnanian Enterprises, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7499
| NON-GAAP FINANCIAL MEASURES: |
Consolidated earnings before interest expense and income taxes ("EBIT") and before depreciation and amortization ("EBITDA") and before inventory impairment loss and land option write-offs, expenses associated with debt exchange offer and gain on extinguishment of debt ("Adjusted EBITDA") are not U.S. generally accepted accounting principles (GAAP) financial measures. The most directly comparable GAAP financial measure is net loss. The reconciliation of net loss to EBIT, EBITDA and Adjusted EBITDA is presented in a table attached to this earnings release.
Cash flow is a non-GAAP financial measure. The most directly comparable GAAP financial measure is Net Cash provided by (or used in) Operating Activities. The Company uses cash flow to mean the amount of Net Cash provided by (or used in) Operating Activities for the period, as reported on the Consolidated Statement of Cash Flows, excluding changes in mortgage notes receivable at the mortgage company, plus (or minus) the amount of Net Cash provided by (or used in) Investing Activities. For the first quarter of 2012, cash flow was negative $49.3 million, which was derived from $43.1 million from net cash used in operating activities minus the change in mortgage notes receivable of $4.9 million minus $1.3 million of net cash used in investing activities.
Loss Before Income Taxes Excluding Land-Related Charges, Expenses Associated with Debt Exchange Offer and Gain on Extinguishment of Debt is a non-GAAP financial measure. The most directly comparable GAAP financial measure is Loss Before Income Taxes. The reconciliation of Loss Before Income Taxes to Loss Before Income Taxes Excluding Land-Related Charges, Expenses Associated with Debt Exchange Offer and Gain on Extinguishment of Debt is presented in a table attached to this earnings release.
FORWARD-LOOKING STATEMENTS
All statements in this press release that are not historical facts should be considered as "forward-looking statements". Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to, (1) changes in general and local economic and industry and business conditions and impacts of the sustained homebuilding downturn, (2) adverse weather and other environmental conditions and natural disasters, (3) changes in market conditions and seasonality of the Company's business, (4) changes in home prices and sales activity in the markets where the Company builds homes, (5) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, tax laws, and the environment, (6) fluctuations in interest rates and the availability of mortgage financing, (7) shortages in, and price fluctuations of, raw materials and labor, (8) the availability and cost of suitable land and improved lots, (9) levels of competition, (10) availability of financing to the Company, (11) utility shortages and outages or rate fluctuations, (12) levels of indebtedness and restrictions on the Company's operations and activities imposed by the agreements governing the Company's outstanding indebtedness, (13) the Company's sources of liquidity, (14) changes in credit ratings, (15) availability of net operating loss carryforwards, (16) operations through joint ventures with third parties, (17) product liability litigation, warranty claims and claims by mortgage investors, (18) successful identification and integration of acquisitions, (19) significant influence of the Company's controlling stockholders, (20) changes in tax laws affecting the after-tax costs of owning a home, (21) geopolitical risks, terrorist acts and other acts of war, and (22) other factors described in detail in the Company's Annual Report on Form 10-K for the year ended October 31, 2011. Except as otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.
| Hovnanian Enterprises, Inc. | ||
| January 31, 2012 | ||
| Statements of Consolidated Operations | ||
| (Dollars in Thousands, Except Per Share Data) | ||
| Three Months Ended | ||
| January 31, | ||
| 2012 | 2011 | |
| (Unaudited) | ||
| Total Revenues | $269,599 | $252,567 |
| Costs and Expenses (a) | 311,836 | 316,138 |
| Gain on Extinguishment of Debt | 24,698 | -- |
| Loss from Unconsolidated Joint Ventures | (23) | (992) |
| Loss Before Income Taxes | (17,562) | (64,563) |
| Income Tax Provision (Benefit) | 703 | (421) |
| Net Loss | $(18,265) | $(64,142) |
| Per Share Data: | ||
| Basic: | ||
| Loss Per Common Share | $(0.17) | $(0.82) |
| Weighted Average Number of | ||
| Common Shares Outstanding (b) | 108,735 | 78,598 |
| Assuming Dilution: | ||
| Loss Income Per Common Share | $(0.17) | $(0.82) |
| Weighted Average Number of | ||
| Common Shares Outstanding (b) | 108,735 | 78,598 |
| (a) Includes inventory impairment loss and land option write-offs. | ||
| (b) For periods with a net loss, basic shares are used in accordance with GAAP rules. | ||
| Hovnanian Enterprises, Inc. | ||
| January 31, 2012 | ||
| Reconciliation of Loss Before Income Taxes Excluding Land-Related | ||
|
Charges, Expenses Associated with Debt Exchange Offer and Gain on Extinguishment of Debt to Loss Before Income Taxes |
||
| (Dollars in Thousands) | ||
| Three Months Ended | ||
| January 31, | ||
| 2012 | 2011 | |
| (Unaudited) | ||
| Loss Before Income Taxes | $(17,562) | $(64,563) |
| Inventory Impairment Loss and Land Option Write-Offs | 3,325 | 13,525 |
| Expenses Associated with Debt Exchange Offer (a) | 4,594 | -- |
| Gain on Extinguishment of Debt | (24,698) | -- |
| Loss Before Income Taxes Excluding Land-Related Charges, Expenses Associated with Debt Exchange Offer and Gain on Extinguishment of Debt (b) | $(34,341) | $(51,038) |
| (a) Included in Other operations on the Condensed Consolidated Statements of Operations. | ||
| (b) Loss Before Income Taxes Excluding Land-Related Charges, Expenses Associated with Debt Exchange Offer and Gain on Extinguishment of Debt is a non-GAAP Financial measure. The most directly comparable GAAP financial measure is Loss Before Income Taxes. | ||
| Hovnanian Enterprises, Inc. | ||
| January 31, 2012 | ||
| Gross Margin | ||
| (Dollars in Thousands) | ||
| Homebuilding Gross Margin | ||
| Three Months Ended | ||
| January 31, | ||
| 2012 | 2011 | |
| (Unaudited) | ||
| Sale of Homes | $252,330 | $235,885 |
| Cost of Sales, Excluding Interest (a) | 210,573 | 195,914 |
| Homebuilding Gross Margin, Excluding Interest | 41,757 | 39,971 |
| Homebuilding Cost of Sales Interest | 10,936 | 13,493 |
| Homebuilding Gross Margin, Including Interest | $30,821 | $26,478 |
| Gross Margin Percentage, Excluding Interest | 16.5% | 16.9% |
| Gross Margin Percentage, Including Interest | 12.2% | 11.2% |
| Land Sales Gross Margin | ||
| Three Months Ended | ||
| January 31, | ||
| 2012 | 2011 | |
| (Unaudited) | ||
| Land Sales | $8,604 | $8,043 |
| Cost of Sales, Excluding Interest (a) | 6,854 | 5,516 |
| Land Sales Gross Margin, Excluding Interest | 1,750 | 2,527 |
| Land Sales Interest | 1,540 | 2,133 |
| Land Sales Gross Margin, Including Interest | $210 | $394 |
| (a) Does not include cost associated with walking away from land options or inventory impairment losses which are recorded as Inventory impairment loss and land option write-offs in the Condensed Consolidated Statements of Operations. | ||
| Hovnanian Enterprises, Inc. | ||
| January 31, 2012 | ||
| Reconciliation of Adjusted EBITDA to Net Loss | ||
| (Dollars in Thousands) | ||
| Three Months Ended | ||
| January 31, | ||
| 2012 | 2011 | |
| (Unaudited) | ||
| Net Loss | $(18,265) | $(64,142) |
| Income Tax Provision (Benefit) | 703 | (421) |
| Interest Expense | 34,471 | 39,611 |
| EBIT (a) | 16,909 | (24,952) |
| Depreciation | 1,658 | 2,319 |
| Amortization of Debt Costs | 963 | 846 |
| EBITDA (b) | 19,530 | (21,787) |
| Inventory Impairment Loss and Land Option Write-offs | 3,325 | 13,525 |
| Expenses Associated with Debt Exchange Offer | 4,594 | -- |
| Gain on Extinguishment of Debt | (24,698) | -- |
| Adjusted EBITDA (c) | $2,751 | $(8,262) |
| Interest Incurred | $36,345 | $37,827 |
| Adjusted EBITDA to Interest Incurred | 0.08 | (0.22) |
| (a) EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net loss. EBIT represents earnings before interest expense and income taxes. | ||
| (b) EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net loss. EBITDA represents earnings before interest expense, income taxes, depreciation and amortization. | ||
| (c) Adjusted EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net loss. Adjusted EBITDA represents earnings before interest expense, income taxes, depreciation, amortization, inventory impairment loss and land option write-offs, expenses associated with debt exchange offer, and gain on extinguishment of debt. | ||
| Hovnanian Enterprises, Inc. | ||
| January 31, 2012 | ||
| Interest Incurred, Expensed and Capitalized | ||
| (Dollars in Thousands) | ||
| Three Months Ended | ||
| January 31, | ||
| 2012 | 2011 | |
| (Unaudited) | ||
| Interest Capitalized at Beginning of Period | $121,441 | $136,288 |
| Plus Interest Incurred | 36,345 | 37,827 |
| Less Interest Expensed | 34,471 | 39,611 |
| Interest Capitalized at End of Period (a) | $123,315 | $134,504 |
| (a) The Company incurred significant inventory impairments in recent years, which are determined based on total inventory including capitalized interest. However, the capitalized interest amounts are shown gross before allocating any portion of impairments to capitalized interest. | ||
|
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands) |
||
|
January 31, 2012 |
October 31, 2011 |
|
| ASSETS | (Unaudited) | (1) |
| Homebuilding: | ||
| Cash and cash equivalents | $166,033 | $244,356 |
| Restricted cash | 49,483 | 73,539 |
| Inventories: | ||
| Sold and unsold homes and lots under development | 735,364 | 720,149 |
| Land and land options held for future development or sale | 243,100 | 245,529 |
| Consolidated inventory not owned -- Specific performance options | 387 | 2,434 |
| Total inventories | 978,851 | 968,112 |
| Investments in and advances to unconsolidated joint ventures | 58,757 | 57,826 |
| Receivables, deposits, and notes | 53,385 | 52,277 |
| Property, plant, and equipment – net | 52,010 | 53,266 |
| Prepaid expenses and other assets | 66,700 | 67,698 |
| Total homebuilding | 1,425,219 | 1,517,074 |
| Financial services: | ||
| Cash and cash equivalents | 3,656 | 6,384 |
| Restricted cash | 3,497 | 4,079 |
| Mortgage loans held for sale | 67,230 | 72,172 |
| Other assets | 2,121 | 2,471 |
| Total financial services | 76,504 | 85,106 |
| Total assets | $1,501,723 | $1,602,180 |
| (1) Derived from the audited balance sheet as of October 31, 2011 | ||
.
|
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands Except Share Amounts) |
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|
January 31, 2012 |
October 31, 2011 |
|
| LIABILITIES AND EQUITY | (Unaudited) | (1) |
| Homebuilding: | ||
| Nonrecourse land mortgages | $29,322 | $26,121 |
| Accounts payable and other liabilities | 266,043 | 303,633 |
| Customers' deposits | 17,925 | 16,670 |
| Nonrecourse mortgages secured by operating properties | 19,510 | 19,748 |
| Liabilities from inventory not owned | 387 | 2,434 |
| Total homebuilding | 333,187 | 368,606 |
| Financial services: | ||
| Accounts payable and other liabilities | 14,067 | 14,517 |
| Mortgage warehouse line of credit | 49,043 | 49,729 |
| Total financial services | 63,110 | 64,246 |
| Notes payable: | ||
| Senior secured notes | 966,441 | 786,585 |
| Senior notes | 565,691 | 802,862 |
| TEU senior subordinated amortizing notes | 12,162 | 13,323 |
| Accrued interest | 32,399 | 21,331 |
| Total notes payable | 1,576,693 | 1,624,101 |
| Income taxes payable | 42,520 | 41,829 |
| Total liabilities | 2,015,510 | 2,098,782 |
| Equity: | ||
| Hovnanian Enterprises, Inc. stockholders' equity deficit: | ||
| Preferred stock, $.01 par value - authorized 100,000 shares; issued 5,600 shares with a liquidation preference of $140,000 at January 31, 2012 and at October 31, 2011 | 135,299 | 135,299 |
| Common stock, Class A, $.01 par value – authorized 200,000,000 shares; issued 93,742,999 shares at January 31, 2012 and 92,141,492 shares at October 31, 2011 (including 11,760,763 and 11,694,720 shares at January 31, 2012 and October 31, 2011, respectively, held in Treasury) | 937 | 921 |
| Common stock, Class B, $.01 par value (convertible to Class A at time of sale) – authorized 30,000,000 shares; issued 15,353,126 shares at January 31, 2012 and 15,252,212 shares at October 31, 2011 (including 691,748 shares at January 31, 2012 and October 31, 2011 held in Treasury) | 154 | 153 |
| Paid in capital - common stock | 592,781 | 591,696 |
| Accumulated deficit | (1,127,771) | (1,109,506) |
| Treasury stock - at cost | (115,360) | (115,257) |
| Total Hovnanian Enterprises, Inc. stockholders' equity deficit | (513,960) | (496,694) |
| Noncontrolling interest in consolidated joint ventures | 173 | 92 |
| Total equity deficit | (513,787) | (496,602) |
| Total liabilities and equity | $1,501,723 | $1,602,180 |
| (1) Derived from the audited balance sheet as of October 31, 2011. | ||
|
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands Except Per Share Data) (Unaudited) |
||
| Three Months Ended January 31, | ||
| 2012 | 2011 | |
| Revenues: | ||
| Homebuilding: | ||
| Sale of homes | $252,330 | $235,885 |
| Land sales and other revenues | 10,579 | 9,588 |
| Total homebuilding | 262,909 | 245,473 |
| Financial services | 6,690 | 7,094 |
| Total revenues | 269,599 | 252,567 |
| Expenses: | ||
| Homebuilding: | ||
| Cost of sales, excluding interest | 217,427 | 201,430 |
| Cost of sales interest | 12,476 | 15,626 |
| Inventory impairment loss and land option write-offs | 3,325 | 13,525 |
| Total cost of sales | 233,228 | 230,581 |
| Selling, general and administrative | 33,254 | 40,207 |
| Total homebuilding expenses | 266,482 | 270,788 |
| Financial services | 5,177 | 5,470 |
| Corporate general and administrative | 12,784 | 15,008 |
| Other interest | 21,995 | 23,985 |
| Other operations | 5,398 | 887 |
| Total expenses | 311,836 | 316,138 |
| Gain on extinguishment of debt | 24,698 | -- |
| Loss from unconsolidated joint ventures | (23) | (992) |
| Loss before income taxes | (17,562) | (64,563) |
| State and federal income tax provision (benefit): | ||
| State | 633 | 665 |
| Federal | 70 | (1,086) |
| Total income taxes | 703 | (421) |
| Net loss | $(18,265) | $(64,142) |
| Per share data: | ||
| Basic: | ||
| Loss per common share | $(0.17) | $(0.82) |
| Weighted-average number of common shares outstanding | 108,735 | 78,598 |
| Assuming dilution: | ||
| Loss per common share | $(0.17) | $(0.82) |
| Weighted-average number of common shares outstanding | 108,735 | 78,598 |
| HOVNANIAN ENTERPRISES, INC. | |||||||||||||
| (DOLLARS IN THOUSANDS EXCEPT AVG. PRICE) | |||||||||||||
| (UNAUDITED) | Communities Under Development | ||||||||||||
| Three Months - January 31, 2012 | |||||||||||||
| Net Contracts | Deliveries | Contract | |||||||||||
| Three Months Ending | Three Months Ending | Backlog | |||||||||||
| January 31, | January 31, | January 31, | |||||||||||
| 2012 | 2011 | % Change | 2012 | 2011 | % Change | 2012 | 2011 | % Change | |||||
| Northeast | |||||||||||||
| Home | 68 | 92 | (26.1)% | 76 | 101 | (24.8)% | 257 | 227 | 13.2% | ||||
| Dollars | $28,198 | $37,435 | (24.7)% | $33,077 | $43,285 | (23.6)% | $106,724 | $90,400 | 18.1% | ||||
| Avg. Price | $414,678 | $406,899 | 1.9% | $435,224 | $428,564 | 1.6% | $415,273 | $398,238 | 4.3% | ||||
| Mid Atlantic | |||||||||||||
| Home | 127 | 127 | 0.0% | 126 | 121 | 4.1% | 326 | 268 | 21.6% | ||||
| Dollars | $49,622 | $52,013 | (4.6)% | $53,113 | $46,263 | 14.8% | $133,916 | $112,268 | 19.3% | ||||
| Avg. Price | $390,726 | $409,556 | (4.6)% | $421,532 | $382,339 | 10.3% | $410,788 | $418,910 | (1.9)% | ||||
| Midwest | |||||||||||||
| Home | 143 | 65 | 120.0% | 80 | 81 | (1.2)% | 289 | 206 | 40.3% | ||||
| Dollars | $28,408 | $12,331 | 130.4% | $18,157 | $14,034 | 29.4% | $56,162 | $33,987 | 65.2% | ||||
| Avg. Price | $198,659 | $189,709 | 4.7% | $226,963 | $173,259 | 31.0% | $194,331 | $164,985 | 17.8% | ||||
| Southeast | |||||||||||||
| Home | 108 | 68 | 58.8% | 87 | 68 | 27.9% | 145 | 82 | 76.8% | ||||
| Dollars | $24,471 | $15,640 | 56.5% | $20,125 | $15,504 | 29.8% | $34,430 | $20,525 | 67.7% | ||||
| Avg. Price | $226,585 | $230,002 | (1.5)% | $231,322 | $228,000 | 1.5% | $237,453 | $250,308 | (5.1)% | ||||
| Southwest | |||||||||||||
| Home | 398 | 357 | 11.5% | 388 | 360 | 7.8% | 341 | 334 | 2.1% | ||||
| Dollars | $103,860 | $85,787 | 21.1% | $91,153 | $87,227 | 4.5% | $99,650 | $90,045 | 10.7% | ||||
| Avg. Price | $260,954 | $240,298 | 8.6% | $234,930 | $242,297 | (3.0)% | $292,225 | $269,596 | 8.4% | ||||
| West | |||||||||||||
| Home | 96 | 83 | 15.7% | 132 | 114 | 15.8% | 80 | 79 | 1.3% | ||||
| Dollars | $30,206 | $22,282 | 35.6% | $36,705 | $29,573 | 24.1% | $26,487 | $20,353 | 30.1% | ||||
| Avg. Price | $314,650 | $268,461 | 17.2% | $278,068 | $259,412 | 7.2% | $331,071 | $257,632 | 28.5% | ||||
| Consolidated Total | |||||||||||||
| Home | 940 | 792 | 18.7% | 889 | 845 | 5.2% | 1,438 | 1,196 | 20.2% | ||||
| Dollars | $264,765 | $225,488 | 17.4% | $252,330 | $235,886 | 7.0% | $457,369 | $367,578 | 24.4% | ||||
| Avg. Price | $281,665 | $284,707 | (1.1)% | $283,836 | $279,155 | 1.7% | $318,059 | $307,339 | 3.5% | ||||
| Unconsolidated Joint Ventures | |||||||||||||
| Home | 139 | 58 | 139.7% | 123 | 47 | 161.7% | 292 | 156 | 87.2% | ||||
| Dollars | $61,212 | $23,596 | 159.4% | $52,400 | $22,534 | 132.5% | $121,070 | $68,134 | 77.7% | ||||
| Avg. Price | $440,372 | $406,830 | 8.2% | $426,013 | $479,456 | (11.1)% | $414,625 | $436,758 | (5.1)% | ||||
| Grand Total | |||||||||||||
| Home | 1,079 | 850 | 26.9% | 1,012 | 892 | 13.5% | 1,730 | 1,352 | 28.0% | ||||
| Dollars | $325,977 | $249,084 | 30.9% | $304,730 | $258,420 | 17.9% | $578,439 | $435,712 | 32.8% | ||||
| Avg. Price | $302,111 | $293,040 | 3.1% | $301,116 | $289,709 | 3.9% | $334,358 | $322,272 | 3.8% | ||||
| DELIVERIES INCLUDE EXTRAS | |||||||||||||
| Notes: | |||||||||||||
| (1) Net contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts. | |||||||||||||