17 annotations
We think buyers with not only the rise in home prices, but the doubling of mortgage rates, all the chatter about inflation, the headlines were starting to hit about a softening market. We knew they were headed to the sidelines. They were going to take the summer off, and we were not going to chase those buyers down with incentives.
(No comment added)
Transcript
2022 Q3
18 Sep 22
From the 4th of July forward, we started seeing signs of better traffic.
(No comment added)
Transcript
2022 Q3
18 Sep 22
we made the business decision, I think, correctly to not chase that buyer down it was inelastic. They were on the sidelines.
(No comment added)
Transcript
2022 Q3
18 Sep 22
we felt demand was getting a bit more elastic, meaning that buyers were interested
(No comment added)
Transcript
2022 Q3
18 Sep 22
In the first three weeks of August, our average weekly nonbinding deposits were up 25% compared to July.
(No comment added)
Transcript
2022 Q3
18 Sep 22
August sales included an average incentive of about $30,000.
(No comment added)
Transcript
2022 Q3
18 Sep 22
In more recent weeks, we have seen signs of increased demand, as sentiment appears to be improving and buyers are returning to the market.
(No comment added)
Transcript
2022 Q3
18 Sep 22
On average, incentives in our third quarter contracts were approximately $16,000 per home, up only $5,000 from the average over the first half of 2022.
(No comment added)
Transcript
2022 Q3
18 Sep 22
For most of the third quarter, we purposely did not chase buyers with incentives as we felt demand was very inelastic.
(No comment added)
Transcript
2022 Q3
18 Sep 22
signed contracts were down 44% year-over-year as contracts in the third quarter benefited from price increases we have steadily applied throughout the year.
(No comment added)
Transcript
2022 Q3
18 Sep 22
As our third quarter progressed, we saw a significant decline in demand as many prospective buyers step to the sidelines in the face of steep increases in mortgage rates, significantly higher home prices, a volatile stock market and rising inflation.
(No comment added)
Transcript
2022 Q3
18 Sep 22
in California, we had 200 homes that were completed at quarter end, but due to delays with city inspectors and with utility companies, we simply could not get the final inspections or the electricity needed to obtain certificate of occupancy.
(No comment added)
Transcript
2022 Q3
18 Sep 22
The shortfall resulted from the combined impact of unforeseen delays with municipal inspections, continued labor shortages, ongoing supply chain disruptions and a softer demand environment.
(No comment added)
Transcript
2022 Q3
18 Sep 22
We have consistently had the lowest cancellation rate in the industry for many decades
(No comment added)
Transcript
2022 Q3
18 Sep 22
We had a total of 190 cancellations in the third quarter, equal to just 1.6% of the 11,768 homes in backlog at the beginning of the quarter and comparable to our cancellation rate of 1.2% in the first half of 2022.
(No comment added)
Transcript
2022 Q3
18 Sep 22
since 2010, our average cancellation rate as a percentage of backlog has been 2.3%
(No comment added)
Transcript
2022 Q3
18 Sep 22
We have not seen any change in cancellation rates in the first few weeks of August.
(No comment added)
Transcript
2022 Q3
18 Sep 22
- Prev
- 1
- Next