Market Overview

D.R. Horton, Inc., America's Builder, Reports Fiscal 2018 Third Quarter Earnings and Declares Quarterly Dividend of $0.125 Per Share

Share:

D.R. Horton, Inc. (NYSE:DHI):

Fiscal 2018 Third Quarter Highlights - comparisons to the prior year
quarter

  • Net income attributable to D.R. Horton increased 57% to $453.8 million
    or $1.18 per diluted share
  • Consolidated pre-tax income increased 39% to $616.2 million
  • Consolidated pre-tax profit margin improved 210 basis points to 13.9%
  • Net sales orders increased 13% in value to $4.4 billion and 12% in
    homes to 14,650
  • Homes closed increased 16% in value to $4.3 billion and 13% in homes
    to 14,114

Fiscal Year-to-Date Highlights - comparisons to the prior year period

  • Consolidated pre-tax income increased 30% to $1.5 billion
  • Consolidated pre-tax profit margin improved 140 basis points to 12.6%
  • Increasing fiscal 2018 guidance for consolidated pre-tax profit margin
    to a range of 12.7% to 12.9%

D.R. Horton, Inc. (NYSE:DHI), America's Builder, today reported that net
income attributable to D.R. Horton for the third fiscal quarter
increased 57% to $453.8 million, or $1.18 per diluted share, compared to
$289.0 million, or $0.76 per diluted share, in the same quarter of
fiscal 2017. Homebuilding revenue for the third quarter of fiscal 2018
increased 17% to $4.3 billion from $3.7 billion in the same quarter of
fiscal 2017. Homes closed in the quarter increased 13% to 14,114 homes
compared to 12,497 homes closed in the same quarter of fiscal 2017.

For the nine months ended June 30, 2018, net income attributable to D.R.
Horton increased 37% to $994.1 million, or $2.59 per diluted share,
compared to $725.1 million, or $1.92 per diluted share, in the same
period of fiscal 2017. Homebuilding revenue for the first nine months of
fiscal 2018 increased 16% to $11.2 billion from $9.7 billion in the same
period of fiscal 2017. Homes closed in the first nine months of 2018
increased 14% to 37,183 homes compared to 32,586 homes closed in the
same period of fiscal 2017.

The Company's effective tax rates for the three and nine month periods
ended June 30, 2018 reflect a tax benefit from the rate reduction from
the December Tax Cuts and Jobs Act of 2017 (Tax Act), an excess tax
benefit related to stock-based compensation and the February Bipartisan
Budget Act of 2018, which retroactively reinstated the federal tax
credit for energy-efficient homes. The nine month period ended June 30,
2018 included a one-time non-cash income tax charge of $108.7 million to
re-measure the Company's net deferred tax assets as a result of the Tax
Act.

Net sales orders for the third quarter ended June 30, 2018 increased 12%
to 14,650 homes and 13% in value to $4.4 billion compared to 13,040
homes and $3.9 billion in the same quarter of the prior year. The
Company's cancellation rate (cancelled sales orders divided by gross
sales orders) for the third quarter of fiscal 2018 was 21%, consistent
with the prior year quarter. Net sales orders for the first nine months
of fiscal 2018 increased 14% to 41,231 homes and 14% in value to $12.3
billion compared to 36,272 homes and $10.8 billion in the same period of
fiscal 2017.

The Company's homes in inventory at June 30, 2018 increased 8% to 29,800
homes compared to 27,600 homes at June 30, 2017. The Company's
homebuilding land and lot portfolio at June 30, 2018 increased 10% to
277,700 lots, of which 44% were owned and 56% were controlled through
option contracts, compared to 252,100 lots at June 30, 2017, of which
50% were owned and 50% were controlled through option contracts.

The Company ended the third quarter with $748.0 million of homebuilding
unrestricted cash and a homebuilding debt to total capital ratio of
22.2%. Homebuilding debt to total capital consists of homebuilding notes
payable divided by stockholders' equity plus homebuilding notes payable.

Donald R. Horton, Chairman of the Board, said, "The D.R. Horton team is
producing strong results in fiscal 2018. Net income for the quarter
increased 57% to $453.8 million on a 17% increase in consolidated
revenues to $4.4 billion. Our pre-tax profit margin improved 210 basis
points to 13.9%, and the value of our net sales orders increased 13%.
For the nine months ended June 30, 2018, consolidated pre-tax income,
homebuilding revenues and homes closed increased 30%, 16% and 14%,
respectively. These results reflect the strength of our experienced
operational teams, diverse product offerings from our family of brands
and solid market conditions across our broad national footprint.

"Our balance sheet strength, liquidity and continued earnings growth are
increasing our strategic and financial flexibility, and we plan to
maintain our disciplined, opportunistic position to enhance the
long-term value of our company. We continue to expect to grow our
revenues and pre-tax profits at a double-digit annual pace, while
generating increasing annual operating cash flows and returns.
With 29,800 homes in inventory at the end of June and 277,700 lots owned
and controlled, we are well-positioned for the fourth quarter and fiscal
2019."

Dividends

During the third quarter of fiscal 2018, the Company paid cash dividends
of $47.2 million. The Company has also declared a quarterly cash
dividend of $0.125 per common share that is payable on August 22, 2018
to stockholders of record on August 8, 2018.

Share Repurchases

The Company repurchased 608,537 shares of common stock for $27.0 million
during the third quarter of fiscal 2018. Subsequent to quarter-end, the
Company's Board of Directors authorized the repurchase of up to $400
million of the Company's common stock effective through September 2019,
which replaced the prior authorization.

Forestar Segment

Forestar Group Inc. (NYSE:FOR)("Forestar"), a majority-owned subsidiary
of D.R. Horton, is a publicly-traded residential and real estate
development company, which currently operates in 20 markets and 11
states. Forestar's results of operations for the three month period
ended June 30, 2018 and from October 5, 2017 (acquisition date) through
June 30, 2018 are fully consolidated in the Company's financial
statements with the 25% interest not owned by the Company reported as
noncontrolling interests. These results are included in the Company's
segment information following the consolidated financials. On its
conference call today, the Company will provide an update on
Forestar's operations and expectations regarding Forestar's future
growth plans.

Guidance

Based on current market conditions and the Company's results for the
first nine months of fiscal 2018, D.R. Horton is increasing its fiscal
2018 guidance for consolidated pre-tax profit margin to a range of 12.7%
to 12.9%. The Company will provide guidance for its fourth quarter of
fiscal 2018 and preliminary guidance for fiscal 2019 on its conference
call today.

Presentation

Consistent with the first half of fiscal 2018, the Company's
consolidated balance sheets and statements of operations present its
homebuilding, Forestar land development, financial services and other
operations on a combined basis. Prior year amounts have also been
combined to reflect this presentation. See the segment information
following the consolidated financials for detailed financial information
for all of the Company's reporting segments.

Conference Call and Webcast Details

The Company will host a conference call today (Thursday, July 26) at
8:30 a.m. Eastern Time. The dial-in number is 877-407-8033, and the call
will also be webcast from the Company's website at investor.drhorton.com.

About D.R. Horton, Inc.

D.R. Horton, Inc., America's Builder, has been the largest homebuilder
by volume in the United States for sixteen consecutive years. Founded in
1978 in Fort Worth, Texas, D.R. Horton has operations in 80 markets in
26 states across the United States and closed 50,348 homes in the
twelve-month period ended June 30, 2018. The Company is engaged in the
construction and sale of high-quality homes through its diverse brand
portfolio that includes D.R. Horton, Emerald Homes, Express Homes and
Freedom Homes with sales prices ranging from $100,000 to over
$1,000,000. D.R. Horton also provides mortgage financing and title
services for homebuyers through its mortgage and title subsidiaries.

Forward-Looking Statements

Portions of this document may constitute "forward-looking statements" as
defined by the Private Securities Litigation Reform Act of 1995.
Although D.R. Horton believes any such statements are based on
reasonable assumptions, there is no assurance that actual outcomes will
not be materially different. All forward-looking statements are based
upon information available to D.R. Horton on the date this release was
issued. D.R. Horton does not undertake any obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Forward-looking statements in
this release include that our balance sheet strength, liquidity and
continued earnings growth are increasing our strategic and financial
flexibility; we plan to maintain our disciplined, opportunistic position
to enhance the long-term value of our company; we continue to expect to
grow our revenues and pre-tax profits at a double-digit annual pace,
while generating increasing annual operating cash flows and
returns; and with 29,800 homes in inventory at the end of June and
277,700 lots owned and controlled, we are well-positioned for the fourth
quarter and fiscal 2019. The forward-looking statements also include all
metrics in the Guidance section of this release and in the Forestar
segment information.

Factors that may cause the actual results to be materially different
from the future results expressed by the forward-looking statements
include, but are not limited to: the cyclical nature of the homebuilding
industry and changes in economic, real estate and other conditions;
constriction of the credit markets, which could limit our ability to
access capital and increase our costs of capital; reductions in the
availability of mortgage financing provided by government agencies,
changes in government financing programs, a decrease in our ability to
sell mortgage loans on attractive terms or an increase in mortgage
interest rates; the risks associated with our land and lot inventory;
our ability to effect our growth strategies, acquisitions or investments
successfully; home warranty and construction defect claims; the effects
of a health and safety incident; the effects of negative publicity;
supply shortages and other risks of acquiring land, building materials
and skilled labor; the impact of an inflationary, deflationary or higher
interest rate environment; reductions in the availability of performance
bonds; increases in the costs of owning a home; the effects of
governmental regulations and environmental matters on our homebuilding
operations; the effects of governmental regulations on our financial
services operations; our significant debt and our ability to comply with
related debt covenants, restrictions and limitations; competitive
conditions within the homebuilding and financial services industries;
the effects of the loss of key personnel; and information technology
failures and data security breaches. Additional information about issues
that could lead to material changes in performance is contained in D.R.
Horton's annual report on Form 10-K and our most recent quarterly report
on Form 10-Q, both of which are filed with the Securities and Exchange
Commission (SEC).

       
D.R. HORTON, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 
June 30,
2018
September 30,
2017
(In millions)
ASSETS
Cash and cash equivalents $ 1,178.2 $ 1,007.8
Restricted cash 58.7 16.5
Inventories:
Construction in progress and finished homes 5,194.8 4,606.0

Residential land and lots — developed, under development, held for
development and held for sale

  5,108.5     4,631.1  
10,303.3 9,237.1
Investment in unconsolidated entities 32.2
Mortgage loans held for sale 679.9 587.3

Deferred income taxes, net of valuation allowance of $29.3 million
and $11.2 million at June 30, 2018 and September 30, 2017,
respectively

204.6 365.0
Property and equipment, net 385.2 325.0
Other assets 642.1 565.9
Goodwill   109.2     80.0  
Total assets $ 13,593.4   $ 12,184.6  
LIABILITIES
Accounts payable $ 655.3 $ 580.4
Accrued expenses and other liabilities 1,074.6 985.0
Notes payable   3,093.6     2,871.6  
Total liabilities   4,823.5     4,437.0  
 
EQUITY

Common stock, $.01 par value, 1,000,000,000 shares authorized,

387,651,773 shares issued and 376,993,165 shares outstanding at
June 30, 2018 and

384,036,150 shares issued and 374,986,079 shares outstanding at
September 30, 2017

3.9 3.8
Additional paid-in capital 3,064.4 2,992.2
Retained earnings 5,798.8 4,946.0

Treasury stock, 10,658,608 shares and 9,050,071 shares at June 30,
2018 and September 30, 2017, respectively, at cost

  (269.8 )   (194.9 )
Stockholders' equity 8,597.3 7,747.1
Noncontrolling interests   172.6     0.5  
Total equity   8,769.9     7,747.6  
Total liabilities and equity $ 13,593.4   $ 12,184.6  
 
         
D.R. HORTON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 
Three Months Ended
June 30,
Nine Months Ended
June 30,
2018     2017 2018     2017
(In millions, except per share data)
Revenues $ 4,435.3 $ 3,776.4 $ 11,562.9 $ 9,931.9
Cost of sales 3,397.2 2,961.1 8,939.0 7,778.9
Selling, general and administrative expense 434.9 374.5 1,219.9 1,055.5
Equity in earnings of unconsolidated entities (0.4 ) (3.1 )
Gain on sale of assets (14.5 )
Other (income) expense   (12.6 )   (3.7 )   (30.7 )   (19.0 )
Income before income taxes 616.2 444.5 1,452.3 1,116.5
Income tax expense   162.5     155.5     458.9     391.4  
Net income 453.7 289.0 993.4 725.1
Net loss attributable to noncontrolling interests   (0.1 )       (0.7 )    
Net income attributable to D.R. Horton, Inc. $ 453.8   $ 289.0   $ 994.1   $ 725.1  
Basic:
Net income per share $ 1.20   $ 0.77   $ 2.64   $ 1.94  
Weighted average number of common shares   377.4     374.8     376.6     374.1  
Diluted:
Net income per share $ 1.18   $ 0.76   $ 2.59   $ 1.92  
Adjusted weighted average number of common shares   383.4     379.4     383.6     378.5  
Other Consolidated Financial Data:
Interest charged to cost of sales $ 35.4   $ 38.7   $ 96.0   $ 110.7  
Depreciation and amortization $ 13.5   $ 13.1   $ 46.6   $ 40.4  
Interest incurred $ 31.0   $ 32.4   $ 93.8   $ 99.4  
 
   
D.R. HORTON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 
Nine Months Ended
June 30,
2018     2017
(In millions)
OPERATING ACTIVITIES
Net income $ 993.4 $ 725.1
Adjustments to reconcile net income to net cash provided by (used
in) operating activities:
Depreciation and amortization 46.6 40.4
Amortization of discounts and fees 6.3 3.9
Stock based compensation expense 46.3 40.4
Equity in earnings of unconsolidated entities (3.1 )
Distributions of earnings of unconsolidated entities 0.2
Excess income tax benefit from employee stock awards (10.5 )
Deferred income taxes 160.3 92.0
Inventory and land option charges 42.8 19.9
Gain on sale of assets (14.5 )
Changes in operating assets and liabilities:
Increase in construction in progress and finished homes (590.6 ) (870.9 )

Increase in residential land and lots – developed, under
development, held for development and held for sale

(359.8 ) (352.2 )
Increase in other assets (34.6 ) (29.5 )
(Increase) decrease in mortgage loans held for sale (92.4 ) 26.2
Increase in accounts payable, accrued expenses and other liabilities   105.6     129.5  
Net cash provided by (used in) operating activities   306.5     (185.7 )
INVESTING ACTIVITIES
Expenditures for property and equipment (110.1 ) (103.5 )
Proceeds from sale of assets 261.1
Increase in restricted cash (42.2 ) (9.9 )
Investment in unconsolidated entities (0.1 )
Return of investment in unconsolidated entities 15.5
Net principal (increase) decrease of other mortgage loans and real
estate owned
(0.8 ) 5.3
Purchases of debt securities collateralized by residential real
estate
(8.8 )
Payments related to business acquisitions, net of cash acquired   (158.1 )   (4.1 )
Net cash used in investing activities   (34.7 )   (121.0 )
FINANCING ACTIVITIES
Proceeds from notes payable 2,164.3 700.0
Repayment of notes payable (2,179.5 ) (1,051.4 )
Advances on mortgage repurchase facility, net 106.3 0.4
Proceeds from stock associated with certain employee benefit plans 36.2 34.3
Excess income tax benefit from employee stock awards 10.5
Cash paid for shares withheld for taxes (10.3 ) (5.1 )
Cash dividends paid (141.3 ) (112.2 )
Repurchases of common stock (74.9 ) (60.6 )
Distributions to noncontrolling interests, net   (2.2 )    
Net cash used in financing activities   (101.4 )   (484.1 )
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 170.4 (790.8 )
Cash and cash equivalents at beginning of period   1,007.8     1,303.2  
Cash and cash equivalents at end of period $ 1,178.2   $ 512.4  
 
   
D.R. HORTON, INC.
SEGMENT INFORMATION
(UNAUDITED)
 
June 30, 2018
Homebuilding     Forestar (1)     Financial Services     Other (2)     Eliminations (3)     Other Adjustments (4)     Consolidated
(In millions)
Assets
Cash and cash equivalents $ 748.0 $ 367.7 $ 43.1 $ 19.4 $ $ $ 1,178.2
Restricted cash 11.2 40.0 7.5 58.7
Inventories:

Construction in progress and finished homes

5,194.8 5,194.8

Residential land and lots — developed, under development, held for
development and held for sale

  4,715.5   360.8       0.4     31.8     5,108.5
9,910.3 360.8 0.4 31.8 10,303.3
Investment in unconsolidated entities 18.0 14.2 32.2
Mortgage loans held for sale 679.9 679.9
Deferred income taxes, net 203.2 1.3 0.1 204.6
Property and equipment, net 205.5 1.8 3.0 174.9 385.2
Other assets 594.2 21.2 44.0 3.4 (39.5 ) 18.8 642.1
Goodwill   80.0             29.2     109.2
$ 11,752.4 $ 810.8 $ 777.5 $ 197.7 $ (39.1 ) $ 94.1   $ 13,593.4
Liabilities
Accounts payable $ 641.8 $ 7.4 $ 3.9 $ 5.4 $ (3.2 ) $ $ 655.3
Accrued expenses and other liabilities 1,007.6 72.8 38.9 12.8 (36.7 ) (20.8 ) 1,074.6
Notes payable   2,447.1   110.5   526.3         9.7     3,093.6
$ 4,096.5 $ 190.7 $ 569.1 $ 18.2 $ (39.9 ) $ (11.1 ) $ 4,823.5
 
   
September 30, 2017
Homebuilding     Financial Services     Other (2)     Consolidated
(In millions)
Assets
Cash and cash equivalents $ 973.0 $ 24.1 $ 10.7 $ 1,007.8
Restricted cash 9.3 7.2 16.5
Inventories:
Construction in progress and finished homes 4,606.0 4,606.0

Residential land and lots — developed, under development, held for
development and held for sale

  4,631.1       4,631.1
9,237.1 9,237.1
Mortgage loans held for sale 587.3 587.3
Deferred income taxes, net 365.0 365.0
Property and equipment, net 194.4 3.0 127.6 325.0
Other assets 518.7 42.2 5.0 565.9
Goodwill   80.0       80.0
$ 11,377.5 $ 663.8 $ 143.3 $ 12,184.6
Liabilities
Accounts payable $ 575.6 $ 1.5 $ 3.3 $ 580.4
Accrued expenses and other liabilities 933.1 35.6 16.3 985.0
Notes payable   2,451.6   420.0     2,871.6
$ 3,960.3 $ 457.1 $ 19.6 $ 4,437.0
__________________
(1)   Amounts are presented on Forestar's historical cost basis.
(2) Amounts represent the aggregate balances of certain subsidiaries
that are immaterial for separate reporting.
(3) Amounts represent the elimination of intercompany transactions with
Forestar and the reclassification of Forestar interest expense to
inventory.
(4) Amounts represent purchase accounting adjustments related to the
Forestar acquisition.
 
   

D.R. HORTON, INC.

SEGMENT INFORMATION

(UNAUDITED)

 
Three Months Ended June 30, 2018
Homebuilding     Forestar (1)     Financial Services     Other (2)     Eliminations (3)     Other Adjustments (4)     Consolidated
(In millions)
Revenues:  
Home sales $ 4,265.5 $ $ $ $ $ $ 4,265.5
Land/lot sales and other 59.1 23.6 (8.8 ) (1.2 ) 72.7
Financial services           97.1                 97.1  
  4,324.6     23.6     97.1         (8.8 )   (1.2 )   4,435.3  
Cost of sales:
Home sales 3,332.8 3,332.8
Land/lot sales and other 45.4 10.0 (5.6 ) 5.7 55.5
Inventory and land option charges   8.9                         8.9  
  3,387.1     10.0             (5.6 )   5.7     3,397.2  
Selling, general and administrative expense 349.1 6.5 71.1 8.1 0.1 434.9
Equity in earnings of unconsolidated entities (1.0 ) 0.6 (0.4 )
Gain on sale of assets (1.3 ) 1.3
Interest expense 1.6 (1.6 )
Other (income) expense   (1.3 )   (2.7 )   (4.3 )   (5.0 )       0.7     (12.6 )
Income (loss) before income taxes $ 589.7   $ 10.5   $ 30.3   $ (3.1 ) $ (1.6 ) $ (9.6 ) $ 616.2  
 
   
Nine Months Ended June 30, 2018
Homebuilding     Forestar (1)     Financial Services     Other (2)     Eliminations (3)     Other Adjustments (4)     Consolidated
(In millions)
Revenues:
Home sales $ 11,122.1 $ $ $ $ $ $ 11,122.1
Land/lot sales and other 109.2 77.0 (17.3 ) (1.2 ) 167.7
Financial services           273.1                 273.1  
  11,231.3     77.0     273.1         (17.3 )   (1.2 )   11,562.9  
Cost of sales:
Home sales 8,761.7 8,761.7
Land/lot sales and other 88.7 45.5 (12.3 ) 12.6 134.5
Inventory and land option charges   42.8                         42.8  
  8,893.2     45.5             (12.3 )   12.6     8,939.0  
Selling, general and administrative expense 976.6 25.6 199.6 17.8 0.3 1,219.9
Equity in earnings of unconsolidated entities (10.1 ) 7.0 (3.1 )
Gain on sale of assets (13.4 ) (4.0 ) 2.9 (14.5 )
Interest expense 5.8 (5.8 )
Other (income) expense   (4.6 )   (4.9 )   (10.5 )   (11.4 )       0.7     (30.7 )
Income (loss) before income taxes $ 1,379.5   $ 19.1   $ 84.0   $ (6.4 ) $ 0.8   $ (24.7 ) $ 1,452.3  
Summary Cash Flow Information:
Cash provided by (used in) operating activities $ 565.2   $ (219.2 ) $ (27.0 ) $ (4.4 ) $   $ (8.1 ) $ 306.5  
__________________
(1)   Results are presented from the date of acquisition and on Forestar's
historical cost basis.
(2) Amounts represent the aggregate results of certain subsidiaries that
are immaterial for separate reporting.
(3) Amounts represent the elimination of intercompany transactions with
Forestar and the reclassification of Forestar interest expense to
inventory.
(4) Amounts represent purchase accounting adjustments related to the
Forestar acquisition.
 
   
D.R. HORTON, INC.
SEGMENT INFORMATION
(UNAUDITED)
 
Three Months Ended June 30, 2017
Homebuilding     Financial Services     Other (1)     Consolidated
(In millions)
Revenues:
Home sales $ 3,662.3 $ $ $ 3,662.3
Land/lot sales and other 22.2 22.2
Financial services       91.9         91.9  
  3,684.5     91.9         3,776.4  
Cost of sales:
Home sales 2,936.9 2,936.9
Land/lot sales and other 18.8 18.8
Inventory and land option charges   5.4             5.4  
  2,961.1             2,961.1  
Selling, general and administrative expense 309.5 62.1 2.9 374.5
Other (income) expense   (1.3 )   (4.1 )   1.7     (3.7 )
Income (loss) before income taxes $ 415.2   $ 33.9   $ (4.6 ) $ 444.5  
 
   
Nine Months Ended June 30, 2017
Homebuilding     Financial Services     Other (1)     Consolidated
(In millions)
Revenues:
Home sales $ 9,618.1 $ $ $ 9,618.1
Land/lot sales and other 56.9 56.9
Financial services       256.9         256.9  
  9,675.0     256.9         9,931.9  
Cost of sales:
Home sales 7,713.8 7,713.8
Land/lot sales and other 45.2 45.2
Inventory and land option charges   19.9             19.9  
  7,778.9             7,778.9  
Selling, general and administrative expense 872.4 175.0 8.1 1,055.5
Other (income) expense   (7.8 )   (10.8 )   (0.4 )   (19.0 )
Income (loss) before income taxes $ 1,031.5   $ 92.7   $ (7.7 ) $ 1,116.5  
Summary Cash Flow Information:
Cash (used in) provided by operating activities $ (259.6 ) $ 76.9   $ (3.0 ) $ (185.7 )
__________________
(1)   Amounts represent the aggregate results of certain subsidiaries that
are immaterial for separate reporting.
 
 
D.R. HORTON, INC.
ORDERS, CLOSINGS AND BACKLOG
($s in millions)
 
NET SALES ORDERS
         
Three Months Ended June 30, Nine Months Ended June 30,
2018     2017 2018     2017
Homes     Value Homes     Value Homes     Value Homes     Value
East 1,948 $ 557.9 1,642 $ 453.8 5,369 $ 1,523.2 4,579 $ 1,297.9
Midwest 546 221.2 457 177.9 1,713 672.6 1,463 570.3
Southeast 4,722 1,253.5 4,401 1,151.0 13,408 3,582.5 12,019 3,143.2
South Central 4,478 1,133.3 3,691 926.4 12,292 3,094.5 10,858 2,709.0
Southwest 917 230.5 816 186.7 2,507 607.3 2,019 466.2
West 2,039   969.8 2,033   976.2 5,942   2,850.2 5,334   2,638.5
14,650 $ 4,366.2 13,040 $ 3,872.0 41,231 $ 12,330.3 36,272 $ 10,825.1
 
 
HOMES CLOSED
 
Three Months Ended June 30, Nine Months Ended June 30,
2018 2017 2018 2017
Homes Value Homes Value Homes Value Homes Value
East 1,881 $ 529.1 1,724 $ 482.1 4,800 $ 1,357.5 4,086 $ 1,160.5
Midwest 654 255.6 511 201.9 1,576 620.6 1,340 519.6
Southeast 4,720 1,262.8 4,330 1,136.1 12,399 3,292.5 11,362 2,987.3
South Central 4,009 1,002.8 3,604 904.9 10,823 2,724.5 9,761 2,458.5
Southwest 768 180.6 657 152.6 2,173 505.2 1,644 383.9
West 2,082   1,034.6 1,671   784.7 5,412   2,621.8 4,393   2,108.3
14,114 $ 4,265.5 12,497 $ 3,662.3 37,183 $ 11,122.1 32,586 $ 9,618.1
 
 
SALES ORDER BACKLOG
 
As of June 30,
2018 2017
Homes Value Homes Value
East 2,113 $ 618.5 1,794 $ 520.5
Midwest 556 224.5 593 234.7
Southeast 5,066 1,395.0 4,710 1,277.6
South Central 5,584 1,432.4 4,937 1,268.6
Southwest 1,177 294.7 1,030 232.9
West 2,040   1,013.4 2,097   1,110.7
16,536 $ 4,978.5 15,161 $ 4,645.0
 

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