Le Lézard
Classified in: Business
Subjects: EARNINGS, Conference Call, Webcast

United Homes Group, Inc. Reports 2023 Third Quarter Results


United Homes Group, Inc. (the "Company") (NASDAQ: UHG) today announced results for the third quarter ended September 30, 2023.

Third Quarter 2023 Operating Results

For the third quarter 2023, net income was $150.8 million, or $2.35 per diluted share, which included change in fair value of derivative liabilities of $149.7 million, predominantly due to changes in fair value on potential earn-out consideration due to fluctuation in the stock price during the measurement period. The earnout consideration would be paid in common shares upon reaching certain stock price hurdles. The Company is required to record the non-cash fair value of this earnout as derivative liabilities on the condensed consolidated balance sheets and to record changes in fair value of derivative liabilities on the condensed consolidated statements of operations, in each case until UHG shares reach certain predetermined values or expiration of the five year earnout period. Excluding the derivative liability, our adjusted book value1 was $93.3 million. Net income for the third quarter 2022 was $15.7 million, or $0.40 per diluted share.

"United Homes Group posted year-over-year net new order growth of 55% and achieved sequential improvement to adjusted gross profit margin2 during the third quarter 2023," said Michael Nieri, Chief Executive Officer of United Homes Group, "We also closed two strategic acquisitions since our last earnings release, entering the Raleigh market and expanding our footprint in the Greenville and Clemson markets. We intend to remain focused on additional strategic opportunities that meet our underwriting criteria and fit within our organizational framework."

Mr. Nieri concluded, "Despite recent volatility in rates, we still believe there are attractive opportunities for homebuilders due to a massive supply shortage in the home market, and we are excited about what the future holds for our company."

Revenues for the third quarter 2023 were $87.7 million, compared to $111.0 million in the third quarter 2022. Home closings during the third quarter 2023 were 283 compared to 343 in the third quarter 2022. Net new home orders during the third quarter 2023 were 272 compared to 175 in the third quarter 2022 and net new home orders were 118 in October 2023. ASP of 268 production-built homes (which excludes 15 general contractor and build-for-rent homes) closed during the third quarter 2023 was approximately $316,000, compared to $315,000 during the third quarter 2022 for 336 production-built homes (which excludes seven general contractor and build-for-rent homes), representing a 0.4% increase.

______________________________

(1)

 

Adjusted book value is a non-GAAP financial measure. See "Reconciliation of Non-GAAP Financial Measures."

(2)

 

Adjusted gross profit margin is a non-GAAP financial measure. See "Reconciliation of Non-GAAP Financial Measures."

Gross profit margin during the third quarter of 2023 was 19.8% compared to 26.1% during the third quarter 2022. Adjusted gross profit margin in the third quarter 2023 was 22.1%, compared to 27.5% in the third quarter 2022. UHG's year-over-year decline in both gross profit margin and adjusted gross profit margin can be largely attributable to UHG offering attractive sales incentives to homebuyers, as well as and selling its remaining inventory that was constructed with higher lumber costs.

Selling, general and administrative expenses ("SG&A") as a percentage of revenues was 15.5% in the third quarter 2023, which included $1.1 million of stock-based compensation and $385,180 of transaction related expenses. Excluding these stock-based compensation and transaction related expenses, Adjusted SG&A3 for the third quarter 2023 was 13.8% of revenues.

Adjusted EBITDA4 during the third quarter 2023 was $8.8 million compared to $18.0 million during the third quarter 2022. This decrease is largely related to fewer closings and lower gross margins as described above.

Nine Months Ended September 30, 2023 Operating Results

Net income was $191.7 million, or $3.61 per diluted share, which included change in fair value of derivative liabilities of $185.0 million predominantly due to changes in fair value on potential earn-out consideration due to fluctuation in the stock price during the measurement period. Net income for the nine months ended September 30, 2022 was $58.6 million, or $1.66 per diluted share.

For the nine months ended September 30, 2023, revenues were $304.6 million, compared to $362.0 million in the same period of fiscal 2022. Home closings for the nine months ended September 30, 2023 were 996 compared to 1,216 for the nine months ended September 30, 2022. Net new home orders for the nine months ended September 30, 2023 were 1,002 compared to 988 for the nine months ended September 30, 2022.

Gross profit margin for the nine months ended September 30, 2023 was 19.1% compared to 26.9% during the same period of fiscal 2022. Adjusted gross profit margin for the nine months ended September 30, 2023 was 21.2%, compared to 27.7% for the nine months ended September 30, 2022. This reduction in both gross profit margin metrics is largely attributable to the Company offering attractive sales incentives to homebuyers, as well as selling its remaining inventory that was constructed with higher lumber costs.

Adjusted EBITDA for the nine months ended September 30, 2023 was $30.4 million compared to $65.1 million during the same period of fiscal 2022.

Business Acquisitions

Herring Homes Acquisition

In August 2023, UHG entered the Raleigh, North Carolina market through the acquisition of selected assets of Herring Homes, LLC ("Herring Homes") for a purchase price of $2.2 million in cash. UHG recognized the excess purchase price over the fair value of the net assets acquired as goodwill of $0.5 million. The remaining basis of approximately $1.7 million is primarily comprised of the fair value of 12 acquired developed lots and lot purchase agreement deposits with limited other assets and liabilities. Subsequent to the acquisition, UHG acquired 50 lots for a fair value of $4.9 million in the Raleigh, North Carolina market.

Rosewood Communities Acquisition

On October 25, 2023 ("the Closing Date"), the Company completed the acquisition of 100% of the common stock of Rosewood Communities, Inc ("Rosewood") (the "Rosewood Acquisition"). The purchase price for the Rosewood Acquisition consisted of (a) cash at the closing in the amount of $13.0 million, subject to a customary post-closing adjustment based on the closing book value of Rosewood as of the Closing Date, (b) a warranty reserve of $0.3 million to be used to satisfy Rosewood warranty claims, and (c) the potential future payment of an earnout generally equal to 25% of EBITDA attributable to Rosewood's business through December 31, 2025. In addition, the Company paid off approximately $10.0 million of liabilities of Rosewood. The acquisition is expected to expand UHG's existing footprint in the Greenville and Clemson, South Carolina markets.

______________________________

(3)

 

Adjusted SG&A is a non-GAAP financial measure. See "Reconciliation of Non-GAAP Financial Measures."

(4)

 

Adjusted EBITDA is a non-GAAP financial measure. See "Reconciliation of Non-GAAP Financial Measures."

Earnings Conference Call

The Company will host a conference call via live webcast for investors and other interested parties beginning at 8:00 a.m. Eastern Time on Friday, November 10, 2023. Interested parties can listen to the call live and view the related slides on the Internet under the Events & Presentations heading in the Investors section of the Company's website at www.unitedhomesgroup.com. Listeners should log into the website at least fifteen minutes prior to the call to download and install any necessary audio software. The call can also be accessed toll free at 888-259-6580, or 416-764-8624 for international participants, Conference ID: 98840414. Those dialing in should do so at least ten minutes prior to the start of the call. An archive of the webcast will also be available on the Company's website.

About United Homes Group, Inc.

UHG is a publicly traded residential builder headquartered in Columbia, SC. The company focuses on southeastern markets with 63 active communities in South Carolina, North Carolina and Georgia.

UHG employs a land-light operating strategy with a focus on the design, construction and sale of entry-level, first move up and second move up single-family houses. UHG currently designs, builds and sells detached single-family homes, and, to a lesser extent, attached single-family homes, including duplex homes and town homes in three major market regions in South Carolina: Midlands, Upstate, and Coastal, and also has a presence in Georgia and North Carolina. UHG seeks to operate its homebuilding business in high-growth markets, with substantial in-migrations and employment growth.

Under its land-light lot operating strategy, UHG controls its supply of finished building lots through lot purchase agreements with third parties including its Land Development Affiliates, which provide UHG with the right to purchase finished lots after they have been developed by the applicable third party. This land-light operating strategy provides UHG with the ability to amass a pipeline of lots without the same risks associated with acquiring and developing raw land.

As UHG reviews potential geographic markets into which it could expand its homebuilding business, either organically or through strategic acquisitions, it intends to focus on selecting markets with positive population and employment growth trends, favorable migration patterns, attractive housing affordability, low state and local income taxes, and desirable lifestyle and weather characteristics.

Forward-Looking Statements

Certain statements contained in this earnings release, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "seek," "continue," or other similar words.

Any such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate, and beliefs of, and assumptions made by, our management and involve uncertainties that could significantly affect our financial results. Such statements include, but are not limited to, statements about our future financial performance, strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation:

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and are not intended to be a guarantee of our performance in future periods. We cannot guarantee the accuracy of any such forward-looking statements contained in this release, and we do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

For further information regarding other risks and uncertainties associated with our business, and important factors that could cause our actual results to vary materially from those expressed or implied in such forward-looking statements, please refer to the factors listed and described under "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the "Risk Factors" sections of the documents we file from time to time with the U.S. Securities and Exchange Commission, including, but not limited to, our Annual Report on Form 10-K and our quarterly reports on Form 10-Q, copies of which may be obtained from our website at https://ir.unitedhomesgroup.com/financials/sec-filings/default.aspx

UNITED HOMES GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2023 and DECEMBER 31, 2022 (UNAUDITED)

 

 

September 30,
2023

 

December 31,
2022(2)

ASSETS

 

 

 

Cash and cash equivalents

$

81,243,705

 

$

12,238,835

Accounts receivable, net

 

1,917,322

 

 

1,976,334

Inventories:

 

 

 

Homes under construction and finished homes

 

108,821,016

 

 

163,997,487

Developed lots

 

23,725,065

 

 

16,205,448

Due from related party

 

77,333

 

 

1,437,235

Related party note receivable

 

628,832

 

 

?

Income tax receivable

 

4,742,415

 

 

?

Lot purchase agreement deposits

 

24,605,584

 

 

3,804,436

Investment in joint venture

 

1,116,491

 

 

186,086

Property and equipment, net

 

643,354

 

 

1,385,698

Operating right-of-use assets

 

719,595

 

 

1,001,277

Prepaid expenses and other assets

 

8,582,333

 

 

6,112,044

Total Assets

$

256,823,045

 

$

208,344,880

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

Accounts payable

$

27,313,718

 

$

22,077,240

Homebuilding debt and other affiliate debt

 

62,196,208

 

 

120,797,006

Operating lease liabilities

 

723,269

 

 

1,001,277

Other accrued expenses and liabilities

 

4,947,404

 

 

5,465,321

Deferred tax liability

 

798,276

 

 

?

Derivative liabilities

 

58,541,934

 

 

?

Convertible note payable

 

67,574,708

 

 

?

Total Liabilities

 

222,095,517

 

 

149,340,844

 

 

 

 

Class A common stock, $0.0001 par value; 350,000,000 shares authorized; 11,382,296 and
373,473 shares issued and outstanding on September 30, 2023, and December 31, 2022,
respectively. (1)

 

1,137

 

 

37

Class B common stock, $0.0001 par value; 60,000,000 shares authorized; 36,973,877 shares
issued and outstanding on September 30, 2023, and December 31, 2022, respectively. (1)

 

3,697

 

 

3,697

Preferred Stock, $0.0001 par value; 40,000,000 shares authorized; none issued or outstanding.

 

?

 

 

?

Additional paid-in capital (1)

 

1,783,014

 

 

1,422,630

Retained Earnings (1)

 

32,939,680

 

 

57,577,672

Total Stockholders' equity (1)

 

34,727,528

 

 

59,004,036

Total Liabilities and Stockholders' equity

$

256,823,045

 

$

208,344,880

(1) 

 

Retroactively restated as of December 31, 2022 for the Reverse Recapitalization as a result of the Business Combination

(2) 

 

The Condensed Consolidated Balance Sheet as of December 31, 2022 ("Legacy UHG financial statements") has been prepared from Legacy UHG's historical financial records and reflect the historical financial position of Legacy UHG for the period presented on a carve-out basis in accordance with generally accepted accounting principles in the United States of America ("GAAP"). The Legacy UHG financial statements present historical information and results attributable to the homebuilding operations of Great Southern Homes, Inc.

UNITED HOMES GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (UNAUDITED)

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

2023

 

2022

 

2023

 

2022

Revenue, net of sales discounts

$

87,728,091

 

 

$

111,046,233

 

 

$

304,646,422

 

 

$

361,951,774

 

Cost of sales

 

70,317,796

 

 

 

82,107,334

 

 

 

246,540,874

 

 

 

264,730,624

 

Gross profit

 

17,410,295

 

 

 

28,938,899

 

 

 

58,105,548

 

 

 

97,221,150

 

 

 

 

 

 

 

 

 

Selling, general and administrative expense

 

13,629,713

 

 

 

13,266,455

 

 

 

46,652,432

 

 

 

38,892,250

 

Net income from operations

$

3,780,582

 

 

$

15,672,444

 

 

$

11,453,116

 

 

$

58,328,900

 

 

 

 

 

 

 

 

 

Other (expense) income, net

 

(1,199,140

)

 

 

49,513

 

 

 

(3,291,755

)

 

 

312,991

 

Equity in net earnings (losses) from investment in joint venture

 

293,923

 

 

 

(49,000

)

 

 

930,405

 

 

 

(49,000

)

Change in fair value of derivative liabilities

 

149,703,161

 

 

 

?

 

 

 

184,981,652

 

 

 

?

 

Income before taxes

$

152,578,526

 

 

$

15,672,957

 

 

$

194,073,418

 

 

$

58,592,891

 

Income tax expense

 

(1,735,839

)

 

 

?

 

 

 

(2,372,300

)

 

 

?

 

Net income

$

150,842,687

 

 

$

15,672,957

 

 

$

191,701,118

 

 

$

58,592,891

 

 

 

 

 

 

 

 

 

Basic and diluted earnings per share

 

 

 

 

 

 

 

Basic

$

3.12

 

 

$

0.42

 

 

$

4.29

 

 

$

1.68

 

Diluted

$

2.35

 

 

$

0.40

 

 

$

3.61

 

 

$

1.66

 

 

 

 

 

 

 

 

 

Basic and diluted weighted-average number of shares (1)

 

 

 

 

 

 

 

Basic

 

48,356,057

 

 

 

37,347,350

 

 

 

44,723,915

 

 

 

34,884,887

 

Diluted

 

64,806,024

 

 

 

38,709,652

 

 

 

54,155,557

 

 

 

35,371,321

 

(1)

 

Retroactively restated for the three and nine months ending September 30, 2022 for the Reverse Recapitalization as a result of the Business Combination

UNITED HOMES GROUP, INC.
GAAP TO NON-GAAP RECONCILIATIONS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 and 2022 (UNAUDITED)

Adjusted gross profit is a non-GAAP financial measure used by management of UHG as a supplemental measure in evaluating operating performance. UHG defines adjusted gross profit as gross profit excluding the effects of capitalized interest expensed in cost of sales and non-recurring remediation costs. UHG's management believes adjusted gross profit provides useful information to investors because it separates the impact that capitalized interest expensed in cost of sales has on gross profit to provide a more specific measurement of UHG's gross profits. However, because adjusted gross profit information excludes capitalized interest expensed in cost of sales, which has real economic effects and could impact UHG's results of operations, the utility of adjusted gross profit information as a measure of UHG's operating performance may be limited. Other companies may not calculate adjusted gross profit information in the same manner that UHG does. Accordingly, adjusted gross profit information should be considered only as a supplement to gross profit information as a measure of UHG's performance.

The following table presents a reconciliation of adjusted gross profit to the GAAP financial measure of gross profit for each of the periods indicated.

 

Three Months Ended September 30

 

Nine Months Ended September 30

 

2023

 

2022

 

2023

 

2022

Revenue, net of sales discounts

$

87,728,091

 

 

$

111,046,233

 

 

$

304,646,422

 

 

$

361,951,774

 

Cost of sales

 

70,317,796

 

 

 

82,107,334

 

 

 

246,540,874

 

 

 

264,730,624

 

Gross profit

$

17,410,295

 

 

$

28,938,899

 

 

$

58,105,548

 

 

$

97,221,150

 

Interest expense in cost of sales

 

1,531,318

 

 

 

1,581,296

 

 

 

6,078,117

 

 

 

3,166,565

 

Non-recurring remediation costs

 

447,327

 

 

 

?

 

 

 

447,327

 

 

 

?

 

Adjusted gross profit

$

19,388,940

 

 

$

30,520,195

 

 

$

64,630,992

 

 

$

100,387,715

 

Gross profit %(a)

 

19.8

%

 

 

26.1

%

 

 

19.1

%

 

 

26.9

%

Adjusted gross profit %(a)

 

22.1

%

 

 

27.5

%

 

 

21.2

%

 

 

27.7

%

______________________________

(a)

 

Calculated as a percentage of revenue

UNITED HOMES GROUP, INC.
GAAP TO NON-GAAP RECONCILIATIONS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 and 2022 (UNAUDITED)

Earnings before interest, taxes, depreciation and amortization, or EBITDA, and adjusted EBITDA are supplemental non-GAAP financial measures used by management of UHG. UHG defines EBITDA as net income before (i) capitalized interest expensed in cost of sales, (ii) interest expensed in other (expense) income, net, (iii) depreciation and amortization, (iv) taxes. UHG defines adjusted EBITDA as EBITDA before stock-based compensation expense, transaction cost expense, non-recurring remediation costs and change in fair value of derivative liabilities. Management of UHG believes EBITDA and adjusted EBITDA provide useful information to investors because they enable a more effective evaluation of UHG's operating performance and allow comparison of UHG's results of operations from period to period without regard to UHG's financing methods or capital structure or other items that impact comparability of financial results from period to period such as fluctuations in interest expense or effective tax rates, levels of depreciation or amortization, or unusual items. EBITDA and adjusted EBITDA should not be considered as alternatives to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. UHG's computations of EBITDA and adjusted EBITDA may not be comparable to EBITDA or adjusted EBITDA of other companies.

The following table presents a reconciliation of EBITDA and adjusted EBITDA to the GAAP financial measure of net income for each of the periods indicated.

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2023

 

2022

 

2023

 

2022

Net income

$

150,842,687

 

 

$

15,672,957

 

 

$

191,701,118

 

 

$

58,592,891

 

Interest expense in cost of sales

 

1,531,318

 

 

 

1,581,296

 

 

 

6,078,117

 

 

 

3,166,565

 

Interest expense in other (expense) income, net

 

2,039,512

 

 

 

?

 

 

 

5,458,821

 

 

 

?

 

Depreciation and amortization

 

381,917

 

 

 

89,667

 

 

 

848,693

 

 

 

264,884

 

Taxes

 

1,766,398

 

 

 

(7,712

)

 

 

2,404,242

 

 

 

(52,018

)

EBITDA

$

156,561,832

 

 

$

17,336,208

 

 

$

206,490,991

 

 

$

61,972,322

 

Stock-based compensation expense

 

1,106,014

 

 

 

51,116

 

 

 

6,015,700

 

 

 

1,372,626

 

Transaction cost expense

 

385,180

 

 

 

605,517

 

 

 

2,451,298

 

 

 

1,769,411

 

Non-recurring remediation costs

 

447,327

 

 

 

?

 

 

 

447,327

 

 

 

?

 

Change in fair value of derivative liabilities

 

(149,703,161

)

 

 

?

 

 

 

(184,981,652

)

 

 

?

 

Adjusted EBITDA

$

8,797,192

 

 

$

17,992,841

 

 

$

30,423,664

 

 

$

65,114,359

 

EBITDA margin(a)

 

178.5

%

 

 

15.6

%

 

 

67.8

%

 

 

17.1

%

Adjusted EBITDA margin(a)

 

10.0

%

 

 

16.2

%

 

 

10.0

%

 

 

18.0

%

______________________________

(a)

 

Calculated as a percentage of revenue

UNITED HOMES GROUP, INC.
GAAP TO NON-GAAP RECONCILIATIONS
Continued

Adjusted selling, general and administrative expense, or adjusted SG&A, is a supplemental non-GAAP financial measure used by management of UHG. UHG defines adjusted SG&A as SG&A, excluding the effects of stock-based compensation expense and transaction cost expense. Management of UHG believes adjusted SG&A provides useful information to investors because it enables an alternative assessment of the Company's operating results in a manner that is focused on its operating performance.

The following table presents a reconciliation of Adjusted SG&A to the GAAP financial measure of SG&A for the three months ended September 30, 2023.

 

Three Months Ended
September 30,

 

2023

Selling, general and administrative expense

$

13,629,713

 

Stock-based compensation expense

 

(1,106,014

)

Transaction cost expense

 

(385,180

)

Adjusted SG&A

$

12,138,519

 

SG&A %(a)

 

15.5

%

Adjusted SG&A %(a)

 

13.8

%

______________________________

(a)

 

Calculated as a percentage of revenue

UNITED HOMES GROUP, INC.
GAAP TO NON-GAAP RECONCILIATIONS
Continued

Adjusted book value is a supplemental non-GAAP financial measure used by management of UHG. UHG defines adjusted book value as total stockholders' equity (book value), excluding the effect of derivative instruments. Management of UHG believes Adjusted book value is useful to investors because it excludes the impact of fair value adjustments on derivative instruments which are not expected to result in economic gain or loss.

The following table presents a reconciliation of adjusted book value to the GAAP financial measure of total stockholders' equity for the period indicated.

 

 

 

September 30, 2023

Total Stockholders' equity

 

 

$

34,727,528

Contingent earnout liability

 

 

 

50,989,047

Derivative private placement warrant liability

 

 

 

2,046,998

Derivative public warrant liability

 

 

 

5,261,250

Derivative stock option liability

 

 

 

244,639

Total Derivative liabilities

 

 

 

58,541,934

Adjusted Book Value

 

 

$

93,269,462

UNITED HOMES GROUP, INC
OPERATIONAL METRICS BY MARKET
$'s in millions

 

 

Three Months Ended September 30,

 

 

 

 

 

 

2023

 

2022

 

Period Over Period %
Change

Market

 

Net New
Orders

 

Closings

 

Net New
Orders

 

Closings

 

Net New
Orders

 

Closings

Coastal

 

22

 

50

 

34

 

62

 

-35

%

 

-19

%

Midlands

 

155

 

157

 

96

 

174

 

61

%

 

-10

%

Upstate

 

95

 

76

 

45

 

107

 

111

%

 

-29

%

Total

 

272

 

283

 

175

 

343

 

55

%

 

-17

%

 

 

As of September 30,
2023

 

As of September 30,
2022

 

Period Over Period %
Change

Market

 

Backlog
Inventory5

 

Backlog
Value

 

Backlog
Inventory

 

Backlog
Value

 

Backlog
Inventory

 

Backlog
Value

Coastal

 

22

 

$

7.3

 

89

 

$

30.7

 

-75

%

 

-76

%

Midlands

 

168

 

$

54.6

 

242

 

$

72.4

 

-31

%

 

-25

%

Upstate

 

92

 

$

24.0

 

60

 

$

20.4

 

53

%

 

18

%

Total

 

282

 

$

85.9

 

391

 

$

123.5

 

-28

%

 

-30

%

 

 

Nine Months Ended September 30,

 

 

 

 

 

 

2023

 

2022

 

Period Over Period %
Change

Market

 

Net New
Orders

 

Closings

 

Net New
Orders

 

Closings

 

Net New
Orders

 

Closings

Coastal

 

131

 

188

 

125

 

164

 

5

%

 

15

%

Midlands

 

597

 

574

 

578

 

704

 

3

%

 

-18

%

Upstate

 

274

 

234

 

285

 

348

 

-4

%

 

-33

%

Total

 

1,002

 

996

 

988

 

1,216

 

1

%

 

-18

 %

______________________________

(5)

 

Backlog inventory consists of homes that are under a sales contract but have not closed.

 


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