M.D.C. Holdings reports preliminary Q2 net new home orders up 32% to 2,273
Reports preliminary Q2 ending active subdivisions increased 14% to 187 from 164. Reports preliminary Q2 average sales price of approximately $484,000. Reports preliminary Q2 new home deliveries of 1,514 compared with 1,512 a year ago. Homes in backlog increased 7% to 4,293 from 3,998. Gross margins are expected to exceed 19%. Larry Mizel, MDC's chairman and CEO, said, "We are encouraged by the positive momentum generated by the year-over-year improvement in both our community count and our absorption rate. These improvements resulted in a 32% year-over-year increase in our 2019 second quarter net new home orders, which was our largest quarterly percentage increase since 2012. Importantly, the growth in our new home orders has been complemented by strong gross margins, which are expected to exceed 19% in the second quarter. Given the success of our spring selling season, we believe that we are well positioned for the remainder of 2019."