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In the third quarter, the Company generated home sale revenues of $4.2 billion, a decrease of 2% from the $4.3 billion realized in the prior year. Home sale revenues in the period reflect a 5% decrease in closings to 7,529 homes, partially offset by a 3% increase in the average sales price of homes closed to $564,000. The higher average sales price realized in the quarter was driven by a shift in the geographic mix of homes closed relative to the prior year.
Net new orders for the third quarter totaled 6,638 homes, which is a decrease of 6% from prior year net new orders of 7,031 homes. The value of net new orders in the quarter was $3.6 billion, compared with $3.9 billion in the third quarter of last year. For its third quarter, the Company's average community count totaled 1,002, which is an increase of 5% from the prior year.
At the end of the third quarter, the Company's backlog was 9,888 homes with a value of $6.2 billion.
Posted In: PHM
