by Calculated Risk on 11/12/2012 02:51:00 PM
Monday, November 12, 2012
Lawler on Builder Results
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 Orders | Settlements | |||||
---|---|---|---|---|---|---|
Qtr. Ended: | 9/30/2012 | 9/30/2011 | % Chg | 9/30/2012 | 9/30/2011 | % Chg |
D.R. Horton | 5,276 | 4,241 | 24.4% | 5,575 | 4,987 | 11.8% |
PulteGroup | 4,544 | 3,564 | 27.5% | 4,418 | 4,198 | 5.2% |
NVR | 2,558 | 2,218 | 15.3% | 2,656 | 2,255 | 17.8% |
The Ryland Group | 1,507 | 1,008 | 49.5% | 1,322 | 1,015 | 30.2% |
Beazer Homes | 1,110 | 1,023 | 8.5% | 1,608 | 1,404 | 14.5% |
Standard Pacific | 989 | 764 | 29.5% | 861 | 697 | 23.5% |
Meritage Homes | 1,204 | 906 | 32.9% | 1,197 | 840 | 42.5% |
MDC Holdings | 1,008 | 595 | 69.4% | 1,039 | 707 | 47.0% |
M/I Homes | 757 | 587 | 29.0% | 746 | 582 | 28.2% |
Total | 18,953 | 14,906 | 27.2% | 19,422 | 16,685 | 16.4% |
Average Closing Price | |||
---|---|---|---|
Qtr. Ended: | 9/30/2012 | 9/30/2011 | % 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% |