Industry News

Home builder reports billion-dollar quarter

Average prices up 30% in Arizona market

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Home builder Meritage Homes reported a record second quarter, with over $1 billion worth of new orders. The dollar value of sales orders generated in the second quarter increased 44 percent over the same period last year. The company's backlog at June 30, 2005, also reached an all-time high, increasing 83 percent over the June 30, 2004, level, and set a second-quarter record for home closing revenue, with an increase of 51 percent over last year's second quarter. "Demand for our homes remains very strong," said Steven J. Hilton, Meritage co-chairman and chief executive officer. "Notably, order value in our Nevada division was up 150 percent from the prior year's second quarter." The company's dollar value of sales orders increased 72 percent in California, "reflecting a robust housing market as well as a 29 percent increase in the number of actively selling communities," Meritage announced. In the Texas market, the company had an 11 percent increase in the dollar value of sales o...