Industry News

Real estate price increases boost home builder’s 3Q income

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Home builder and mortgage banking company NVR Inc. today announced net income of $189.4 million for the third quarter, up 28.3 percent from third-quarter 2004. Consolidated revenues increased 18 percent to $1.37 billion for the third quarter of this year compared to third-quarter 2004. New orders increased 7 percent to 2,897 units for the third quarter of 2005 when compared to the third quarter of 2004. New orders increased in each region, except Washington, D.C., which was negatively impacted by generally weaker market conditions, NVR reported. Backlog at the end of the period increased 14 percent to 8,875 units when compared to the same time last year. The dollar value of the backlog units totaled $3.83 billion at the end of the September 2005 quarter, a 30 percent increase from a year earlier. Home-building revenues for the three months ended Sept. 30, 2005, totaled $1.35 billion, 18 percent higher than the year earlier period. Income before tax from the homebuilding segment total...