Lennar Corporation reported that net home orders in the quarter ended August 31, 2013 totaled 4,785, up 14.0% from the comparable quarter of 2012, at an average net order price of about $316,750, up 16% from a year ago. Home deliveries totaled 4,990 last quarter, up 36.5% from the comparable quarter of 2012, at an average sales price of $291,000, up 12.8% from a year ago. Sales discounts as a % of purchase price averaged 6.0% last quarter, down from 9.2% in the comparable quarter of 2012. The company’s sales cancellation rate, expressed as a % of gross orders, was 18% last quarter, up from 18% from a year ago. The company’s order backlog at the end of August totaled 5,958, up 32.0% from last August.
KB Homes reported that net home orders totaled 1,736 in the quarter ended August 31, 2013, down 8.6% from the comparable quarter of 2012, at an average net order price of about $304,650, up 16% from a year ago. Home deliveries totaled 1,825 last quarter, up 6.1% from the comparable quarter of 2012, at an average sales price of $299,100, up 22.0% from a year ago. The company’s sales cancellation rate, expressed as a % of gross orders, was 33% last quarter, up 29% from a year ago. The company’s order backlog at the end of August totaled 3,039, down 3.3% from last August.
Here are some quarterly net orders numbers for three large builders (note: Hovnanian’s fiscal quarters end in April and July, but it shows monthly net orders numbers through August in its last presentation).
| Net Home Orders, 3 Months Ending: | ||||||
|---|---|---|---|---|---|---|
| 8/31/2013 | 8/31/2012 | % Change | 5/31/2013 | 5/31/2012 | % Change | |
| Lennar Corp. | 4,785 | 4,198 | 14.0% | 5,705 | 4,481 | 27.3% |
| KB Home | 1,736 | 1,900 | -8.6% | 2,162 | 2,049 | 5.5% |
| Hovnanian Ent. | 1,487 | 1,519 | -2.1% | 1,862 | 1,753 | 6.2% |
| Total | 8,008 | 7,617 | 5.1% | 9,729 | 8,283 | 17.5% |
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