PulteGroup reported that net home orders in the quarter ended March 31, 2015 totaled 5,139, up 5.7% from the comparable quarter of 2014. The average net order price last quarter was $332,400, up 0.5% from a year ago. Home deliveries last quarter totaled 3,365, down 2.1% from the comparable quarter of 2014, at an average sales price of $323,000, up 1.9% from a year ago. The company’s order backlog at the end of March was 7,624, up 5.9% from last March. Pulte’s net home building margin was 22.7%, compared to 23.8% a year ago.
Meritage Homes reported that net home orders in the quarter ended March 31, 2015 totaled 1,979, up 29.8% from the comparable quarter of 2014. The average net order price last quarter was $396,000, up 8.8% from a year ago. Home deliveries totaled 1,335, up 20.4% from the comparable quarter of 2014, at an average sales price of $387,000, up 5.7% from a year ago. The company’s order backlog at the end of March was 2,758k up 22.0% from last quarter. The company’s gross home building margin last quarter was 18.5%, down from 22.5% a year ago.
M/I Homes reported that net home orders in the quarter ended March 31, 2015 totaled 1,108, up 12.8% from the comparable quarter of 2014. Home deliveries last quarter totaled 717, down 2.0% from the comparable quarter of 2014, at an average sales price of $325,000, up 8.7% from a year ago. The company’s order backlog at the end of March was 1,613, up 5.8% from last March, at an average order price of $358,000, up 9.8% from a year ago. The company’s gross home building margin last quarter was 21.7%, unchanged from a year ago.
The general theme of builder reports so far compared to a year ago are (1) significantly stronger growth in net orders; (2) substantially lower increases in sales prices (with the exception of M/I Homes); and (3) lower gross margins (with the exception of M/I Homes).
Here are some summary stats.
| Net Orders | Settlements | Average Closing Price | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Qtr. Ended: | 3/15 | 3/14 | % Chg | 3/15 | 3/14 | % Chg | 3/15 | 3/14 | % Chg |
| D.R. Horton | 11,135 | 8,569 | 29.9% | 8,243 | 6,194 | 33.1% | $281,305 | 271,230 | 3.7% |
| PulteGroup | 5,139 | 4,863 | 5.7% | 3,365 | 3,436 | -2.1% | $323,000 | 317,000 | 1.9% |
| NVR | 3,926 | 3,325 | 18.1% | 2,534 | 2,211 | 14.6% | $371,000 | 361,400 | 2.7% |
| Meritage Homes | 1,979 | 1,525 | 29.8% | 1,335 | 1,109 | 20.4% | $387,000 | 366,000 | 5.7% |
| M/I Homes | 1,108 | 982 | 12.8% | 717 | 732 | -2.0% | $325,000 | 299,000 | 8.7% |
| Total | 23,287 | 19,264 | 20.9% | 16,194 | 13,682 | 18.4% | $314,652 | $306,463 | 2.7% |
Sales per active community for the above five builders combined last quarter were up 17.3% from the comparable quarter of 2014.
By way of comparison, the YOY increase in net orders for these five builders combined for the quarter ended March 31, 2014 was 0.4%, net orders per community were down 6.2% YOY; and the average sales price was up 10.4% YOY.
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