NVR (NVR) 10-Q 30 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 26, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Trading Symbol	NVR
Entity Registrant Name	NVR INC
Entity Central Index Key	906,163
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		3,739,858

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 628,061	$ 396,619
Inventory:
Land under development	19,182
Contract land deposits, net	365,142	379,844
Total assets	3,049,511	2,643,943
LIABILITIES AND SHAREHOLDERS' EQUITY
Total liabilities	1,398,835	1,339,502
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both September 30, 2017 and December 31, 2016	206	206
Additional paid-in capital	1,626,112	1,515,828
Deferred compensation trust – 108,638 and 108,640 shares of NVR, Inc. common stock as of September 30, 2017 and December 31, 2016, respectively	(17,376)	(17,375)
Deferred compensation liability	17,376	17,375
Retained earnings	6,107,321	5,695,376
Less treasury stock at cost – 16,819,467 and 16,862,327 shares as of September 30, 2017 and December 31, 2016, respectively	(6,082,963)	(5,906,969)
Total shareholders' equity	1,650,676	1,304,441
Total liabilities and shareholders' equity	3,049,511	2,643,943
Homebuilding [Member]
ASSETS
Cash and cash equivalents	611,094	375,748
Restricted cash	13,797	17,561
Receivables	20,448	18,937
Inventory:
Lots and housing units, covered under sales agreements with customers	1,187,508	883,868
Unsold lots and housing units	158,049	145,065
Land under development	19,182	46,999
Building materials and other	11,820	16,168
Total Inventory	1,376,559	1,092,100
Assets related to consolidated variable interest entity	1,222	1,251
Contract land deposits, net	365,142	379,844
Property, plant and equipment, net	43,822	45,915
Reorganization value in excess of amounts allocable to identifiable assets, net	41,580	41,580
Goodwill and finite-lived intangible assets, net	1,563	2,599
Other assets	266,572	257,811
Total assets	2,741,799	2,233,346
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	267,039	251,212
Accrued expenses and other liabilities	337,932	336,318
Liabilities related to consolidated variable interest entity	853	882
Customer deposits	162,285	122,236
Senior notes	596,913	596,455
Total liabilities	1,365,022	1,307,103
Mortgage Banking [Member]
ASSETS
Cash and cash equivalents	15,790	19,657
Restricted cash	2,075	1,857
Mortgage loans held for sale, net	258,554	351,958
Inventory:
Property, plant and equipment, net	6,308	4,903
Reorganization value in excess of amounts allocable to identifiable assets, net	7,347	7,347
Other assets	17,638	24,875
Total assets	307,712	410,597
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and other liabilities	33,813	32,399
Total liabilities	$ 33,813	$ 32,399

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (per share)	60,000,000	60,000,000
Common stock, shares issued (per share)	20,555,330	20,555,330
Deferred compensation trust, shares (per share)	108,638	108,640
Treasury stock, shares (per share)	16,819,467	16,862,327

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Interest expense	$ (6,120)	$ (5,624)	$ (17,870)	$ (15,526)
Income before taxes	244,464	185,003	585,593	433,035
Income tax expense	(82,362)	(67,611)	(172,691)	(158,664)
Net income	$ 162,102	$ 117,392	$ 412,902	$ 274,371
Basic earnings per share (USD per share)	$ 43.26	$ 30.43	$ 110.60	$ 70.70
Diluted earnings per share (USD per share)	$ 38.02	$ 28.46	$ 98.33	$ 66.24
Basic weighted average shares outstanding (in shares)	3,747	3,858	3,733	3,881
Diluted weighted average shares outstanding (in shares)	4,263	4,125	4,199	4,142
Homebuilding [Member]
Revenues	$ 1,633,726	$ 1,507,451	$ 4,394,027	$ 3,990,696
Other income	1,715	703	4,264	2,223
Cost of sales	(1,307,971)	(1,242,292)	(3,552,071)	(3,294,421)
Selling, general and administrative	(95,606)	(92,867)	(294,610)	(290,925)
Operating income	231,864	172,995	551,610	407,573
Interest expense	(5,821)	(5,338)	(17,040)	(14,734)
Income before taxes	226,043	167,657	534,570	392,839
Mortgage Banking [Member]
Mortgage banking fees	34,194	30,118	95,477	79,082
Interest income	1,953	2,000	5,168	5,111
Other income	583	473	1,398	1,140
General and administrative	(18,010)	(14,959)	(50,190)	(44,345)
Interest expense	(299)	(286)	(830)	(792)
Income before taxes	$ 18,421	$ 17,346	$ 51,023	$ 40,196

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 412,902	$ 274,371
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,087	16,591
Equity-based compensation expense	32,678	32,459
Contract land deposit impairments (recoveries), net	3,396	(1,427)
Gain on sale of loans, net	(73,372)	(59,386)
Mortgage loans closed	(2,860,903)	(2,542,659)
Mortgage loans sold and principal payments on mortgage loans held for sale	3,033,239	2,633,539
Distribution of earnings from unconsolidated joint ventures	5,120	8,026
Net change in assets and liabilities:
Increase in inventory	(284,459)	(309,824)
Decrease (increase) in contract land deposits	11,306	(32,774)
Decrease (increase) in receivables	162	(2,913)
Increase in accounts payable and accrued expenses	15,109	59,736
Increase in customer deposits	40,049	33,732
Other, net	(11,538)	(7,034)
Net cash provided by operating activities	340,776	102,437
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(455)	(653)
Distribution of capital from unconsolidated joint ventures	6,081	9,162
Purchase of property, plant and equipment	(15,670)	(16,513)
Proceeds from the sale of property, plant and equipment	664	701
Net cash used in investing activities	(9,380)	(7,303)
Cash flows from financing activities:
Purchase of treasury stock	(230,199)	(291,743)
Distributions to partner in consolidated variable interest entity	0	(217)
Proceeds from the exercise of stock options	130,245	33,938
Net cash used in financing activities	(99,954)	(258,022)
Net increase (decrease) in cash and cash equivalents	231,442	(162,888)
Cash and cash equivalents, beginning of the period	396,619	425,316
Cash and cash equivalents, end of the period	628,061	262,428
Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized	23,112	20,899
Income taxes paid during the period, net of refunds	$ 169,949	$ 148,117

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited, condensed consolidated financial statements include the accounts of NVR, Inc. (“NVR” or the “Company”) and its subsidiaries and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 2 and 3 to the accompanying condensed consolidated financial statements). Intercompany accounts and transactions have been eliminated in consolidation. The statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Because the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP, they should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On January 1, 2017, the Company adopted Accounting Standards Update (“ASU”) 2016-09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting . In connection with the adoption of ASU 2016-09, the Company: • Recorded the excess tax benefit from stock option exercises as a reduction to income tax expense prospectively beginning January 1, 2017. In the prior year, the excess tax benefit was recorded to additional paid-in capital within shareholders’ equity. The excess tax benefit recognized during the three months ended September 30, 2017 and 2016 was $8,357 and $2,271 , respectively. The excess tax benefit recognized during the nine months ended September 30, 2017 and 2016 was $44,720 and $10,949 , respectively. • Presented the aforementioned excess tax benefit recognized as an operating activity on the statement of cash flows and retrospectively adjusted the prior year Statement of Cash Flows accordingly. In the prior year, the excess tax benefit was recognized as a cash inflow from financing activities and a corresponding cash outflow from operating activities. The retrospective adjustment resulted in a $10,949 increase to net cash provided by operating activities and a $10,949 increase to net cash used in financing activities in the Consolidated Statement of Cash Flows for the nine months ended September 30, 2016 . • Made the election to recognize forfeitures of equity-based awards in the period in which they occur. This election was applied using the modified retrospective transition method, which resulted in the Company recording a cumulative-effect adjustment, net of tax, to reduce beginning retained earnings by $957 . In the prior year, the Company estimated forfeitures based on its historical forfeiture rate. No other adjustments were made as a result of the adoption of ASU 2016-09. The Company also adopted ASU 2015-11, Inventory – Simplifying the Measurement of Inventory effective January 1, 2017. The standard requires inventory to be measured at the lower of cost or net realizable value. Under prior GAAP, impaired inventory was written down to net realizable value less a normal profit margin. Under the new standard, impaired inventory will only be written down to the net realizable value. ASU 2015-11 was adopted prospectively and did not have a material effect on the Company’s consolidated financial statements. For the three and nine months ended September 30, 2017 and 2016 , comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying condensed consolidated financial statements.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2017
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Variable Interest Entities	Variable Interest Entities Fixed Price Finished Lot Purchase Agreements (“Lot Purchase Agreements”) NVR generally does not engage in the land development business. Instead, the Company typically acquires finished building lots at market prices from various development entities under Lot Purchase Agreements. The Lot Purchase Agreements require deposits that may be forfeited if NVR fails to perform under the Lot Purchase Agreements. The deposits required under the Lot Purchase Agreements are in the form of cash or letters of credit in varying amounts, and typically range up to 10% of the aggregate purchase price of the finished lots. NVR believes this lot acquisition strategy reduces the financial requirements and risks associated with direct land ownership and land development. NVR may, at its option, choose for any reason and at any time not to perform under these Lot Purchase Agreements by delivering notice of its intent not to acquire the finished lots under contract. NVR’s sole legal obligation and economic loss for failure to perform under these Lot Purchase Agreements is limited to the amount of the deposit pursuant to the liquidated damage provisions contained within the Lot Purchase Agreements. In other words, if NVR does not perform under a Lot Purchase Agreement, NVR loses only its deposit. None of the creditors of any of the development entities with which NVR enters Lot Purchase Agreements have recourse to the general credit of NVR. NVR generally does not have any specific performance obligations to purchase a certain number or any of the lots, nor does NVR guarantee completion of the development by the developer or guarantee any of the developers’ financial or other liabilities. NVR is not involved in the design or creation of the development entities from which the Company purchases lots under Lot Purchase Agreements. The developer’s equity holders have the power to direct 100% of the operating activities of the development entity. NVR has no voting rights in any of the development entities. The sole purpose of the development entity’s activities is to generate positive cash flow returns for the equity holders. Further, NVR does not share in any of the profit or loss generated by the project’s development. The profits and losses are passed directly to the developer’s equity holders. The deposit placed by NVR pursuant to the Lot Purchase Agreement is deemed to be a variable interest in the respective development entities. Those development entities are deemed to be variable interest entities (“VIE”). Therefore, the development entities with which NVR enters into Lot Purchase Agreements, including the joint venture limited liability corporations discussed below, are evaluated for possible consolidation by NVR. An enterprise must consolidate a VIE when that enterprise has a controlling financial interest in the VIE. An enterprise is deemed to have a controlling financial interest if it has (i) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance, and (ii) the obligation to absorb losses of the VIE that could be significant to the VIE or the rights to receive benefits from the VIE that could be significant to the VIE. NVR believes the activities that most significantly impact a development entity’s economic performance are the operating activities of the entity. The development entity’s equity investors bear the full risk during the development process. Unless and until a development entity completes finished building lots through the development process, the entity does not earn any revenues. The operating development activities are managed solely by the development entity’s equity investors. The development entities with which NVR contracts to buy finished lots typically select the respective projects, obtain the necessary zoning approvals, obtain the financing required with no support or guarantees from NVR, select who will purchase the finished lots and at what price, and manage the completion of the infrastructure improvements, all for the purpose of generating a cash flow return to the development entity’s equity holders and all independent of NVR. The Company possesses no more than limited protective legal rights through the Lot Purchase Agreement in the specific finished lots that it is purchasing, and NVR possesses no participative rights in the development entities. Accordingly, NVR does not have the power to direct the activities of a developer that most significantly impact the developer’s economic performance. For this reason, NVR has concluded that it is not the primary beneficiary of the development entities with which the Company enters into Lot Purchase Agreements, and therefore, NVR does not consolidate any of these VIEs. As of September 30, 2017 , NVR controlled approximately 79,700 lots under Lot Purchase Agreements with third parties through deposits in cash and letters of credit totaling approximately $385,600 and $2,100 , respectively. As noted above, NVR’s sole legal obligation and economic loss for failure to perform under these Lot Purchase Agreements is limited to the amount of the deposit pursuant to the liquidated damage provisions contained in the Lot Purchase Agreements. In addition, NVR has certain properties under contract with land owners that are expected to yield approximately 9,700 lots, which are not included in the number of total lots controlled. Some of these properties may require rezoning or other approvals to achieve the expected yield. These properties are controlled with deposits in cash and letters of credit totaling approximately $11,700 and $200 , respectively, as of September 30, 2017 , of which approximately $5,200 is refundable if certain contractual conditions are not met. NVR generally expects to assign the raw land contracts to a land developer and simultaneously enter into a Lot Purchase Agreement with the assignee if the project is determined to be feasible. NVR’s total risk of loss related to contract land deposits as of September 30, 2017 and December 31, 2016 was as follows: September 30, 2017 December 31, 2016 Contract land deposits $ 397,330 $ 411,150 Loss reserve on contract land deposits (32,188 ) (31,306 ) Contract land deposits, net 365,142 379,844 Contingent obligations in the form of letters of credit 2,315 2,379 Specific performance obligations (1) 1,505 1,505 Total risk of loss $ 368,962 $ 383,728 (1) As of both September 30, 2017 and December 31, 2016 , the Company was committed to purchase 10 finished lots under specific performance obligations.

Joint Ventures

Joint Ventures	9 Months Ended
	Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Joint Ventures	Joint Ventures On a limited basis, NVR obtains finished lots using joint venture limited liability corporations (“JVs”). The JVs are typically structured such that NVR is a non-controlling member and is at risk only for the amount the Company has invested, or has committed to invest, in addition to any deposits placed under Lot Purchase Agreements with the joint venture. NVR is not a borrower, guarantor or obligor on any debt of the JVs, as applicable. The Company enters into Lot Purchase Agreements to purchase lots from these JVs, and as a result has a variable interest in these JVs. At September 30, 2017 , the Company had an aggregate investment totaling approximately $42,300 in six JVs that are expected to produce approximately 7,200 finished lots, of which approximately 3,900 lots were controlled by the Company and the remaining approximately 3,300 lots were either under contract with unrelated parties or not currently under contract. In addition, NVR had additional funding commitments totaling approximately $5,800 in the aggregate to three of the JVs at September 30, 2017 . The Company has determined that it is not the primary beneficiary of five of the JVs because either NVR and the other JV partner share power or the other JV partner has the controlling financial interest. The aggregate investment in unconsolidated JVs was approximately $41,900 and $49,000 at September 30, 2017 and December 31, 2016 , respectively, and is reported in the “Other assets” line item on the accompanying condensed consolidated balance sheets. For the remaining JV, NVR has concluded that it is the primary beneficiary because the Company has the controlling financial interest in the JV. The condensed balance sheets as of September 30, 2017 and December 31, 2016 of the consolidated JV were as follows: September 30, 2017 December 31, 2016 Assets: Cash $ 1,177 $ 1,214 Other assets 45 37 Total assets $ 1,222 $ 1,251 Liabilities and equity: Accrued expenses $ 521 $ 550 Equity 701 701 Total liabilities and equity $ 1,222 $ 1,251 The Company recognizes income from the JVs as a reduction to the lot cost of the lots purchased from the respective JVs when the homes are settled and is based on the expected total profitability and the total number of lots expected to be produced by the respective JVs. Distributions received from the unconsolidated JVs are allocated between return of capital and distributions of earnings based on the ratio of capital contributed by NVR to the total expected returns for the respective JVs, and are classified within the accompanying condensed consolidated statements of cash flows as cash flows from investing activities and operating activities, respectively.

Land Under Development

Land Under Development	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Land Under Development	Land Under Development On a limited basis, NVR directly acquires raw land parcels already zoned for its intended use to develop into finished lots. Land under development includes the land acquisition costs, direct improvement costs, capitalized interest where applicable, and real estate taxes. In January 2017, the Company purchased a raw land parcel for approximately $14,400 . In September 2017, the Company sold that land parcel to a developer for an amount which approximated NVR's net investment in the property as of the sale date. In conjunction with the sale, the Company also entered into a Lot Purchase Agreement with the developer for the option to purchase finished lots expected to be developed from the parcel. As of September 30, 2017 , NVR directly owned a total of three separate raw land parcels with a carrying value of $ 19,182 that are expected to produce approximately 400 finished lots. The Company also has additional funding commitments of approximately $9,000 under a joint development agreement related to one parcel, a portion of which the Company expects will be offset by development credits of approximately $4,800 . None of the raw parcels had any indicators of impairment as of September 30, 2017 . Based on market conditions, NVR may on a limited basis continue to directly acquire additional raw parcels to develop into finished lots.

Capitalized Interest

Capitalized Interest	9 Months Ended
	Sep. 30, 2017
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Abstract]
Capitalized Interest	Capitalized Interest The Company capitalizes interest costs to land under development during the active development of finished lots. In addition, the Company capitalizes interest costs to its joint venture investments while the investments are considered qualified assets pursuant to Accounting Standards Codification 835-20, Interest . Capitalized interest is transferred to sold or unsold inventory as the development of finished lots is completed, then charged to cost of sales upon the Company’s settlement of homes and the respective lots. Interest incurred in excess of the interest capitalizable based on the level of qualified assets is expensed in the period incurred. NVR’s interest costs incurred, capitalized, expensed and charged to cost of sales during the three and nine months ended September 30, 2017 and 2016 was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Interest capitalized, beginning of period $ 5,952 $ 4,576 $ 5,106 $ 4,434 Interest incurred 6,615 6,562 19,754 19,347 Interest charged to interest expense (6,120 ) (5,624 ) (17,870 ) (15,526 ) Interest charged to cost of sales (778 ) (600 ) (1,321 ) (3,341 ) Interest capitalized, end of period $ 5,669 $ 4,914 $ 5,669 $ 4,914

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Weighted average number of shares outstanding used to calculate basic EPS 3,747 3,858 3,733 3,881 Dilutive securities: Stock options and restricted share units 516 267 466 261 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 4,263 4,125 4,199 4,142 The following stock options and restricted share units issued under equity incentive plans were outstanding during the three and nine months ended September 30, 2017 and 2016 , but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Anti-dilutive securities 8 88 17 89

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity A summary of changes in shareholders’ equity is presented below: Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Deferred Compensation Trust Deferred Compensation Liability Total Balance, December 31, 2016 $ 206 $ 1,515,828 $ 5,695,376 $ (5,906,969 ) $ (17,375 ) $ 17,375 $ 1,304,441 Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax — 1,566 (957 ) — — — 609 Net income — — 412,902 — — — 412,902 Deferred compensation activity — — — — (1 ) 1 — Purchase of common stock for treasury — — — (230,199 ) — — (230,199 ) Equity-based compensation — 32,678 — — — — 32,678 Proceeds from stock options exercised — 130,245 — — — — 130,245 Treasury stock issued upon option exercise and restricted share vesting — (54,205 ) — 54,205 — — — Balance, September 30, 2017 $ 206 $ 1,626,112 $ 6,107,321 $ (6,082,963 ) $ (17,376 ) $ 17,376 $ 1,650,676 The Company repurchased 110 shares of its common stock during the nine months ended September 30, 2017 . The Company settles stock option exercises and vesting of restricted share units by issuing shares of treasury stock. Approximately 153 shares were issued from the treasury account during the nine months ended September 30, 2017 in settlement of stock option exercises and vesting of restricted share units. Shares are relieved from the treasury account based on the weighted average cost basis of treasury shares acquired.

Product Warranties

Product Warranties	9 Months Ended
	Sep. 30, 2017
Product Warranties Disclosures [Abstract]
Product Warranties	Product Warranties The Company establishes warranty and product liability reserves (“Warranty Reserve”) to provide for estimated future expenses as a result of construction and product defects, product recalls and litigation incidental to NVR’s homebuilding business. Liability estimates are determined based on management’s judgment, considering such factors as historical experience, the likely current cost of corrective action, manufacturers’ and subcontractors’ participation in sharing the cost of corrective action, consultations with third party experts such as engineers, and discussions with the Company’s general counsel and outside counsel retained to handle specific product liability cases. The following table reflects the changes in the Company’s Warranty Reserve during the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Warranty reserve, beginning of period $ 95,394 $ 87,953 $ 93,895 $ 87,407 Provision 12,940 11,622 35,107 33,331 Payments (11,677 ) (11,551 ) (32,345 ) (32,714 ) Warranty reserve, end of period $ 96,657 $ 88,024 $ 96,657 $ 88,024

Segment Disclosures

Segment Disclosures	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Segment Disclosures	Segment Disclosures The following disclosure includes four homebuilding reportable segments that aggregate geographically the Company’s homebuilding operating segments, and the mortgage banking operations presented as one reportable segment. The homebuilding reportable segments are comprised of operating divisions in the following geographic areas: Mid Atlantic: Maryland, Virginia, West Virginia, Delaware and Washington, D.C. North East: New Jersey and Eastern Pennsylvania Mid East: New York, Ohio, Western Pennsylvania, Indiana and Illinois South East: North Carolina, South Carolina, Florida and Tennessee Homebuilding profit before tax includes all revenues and income generated from the sale of homes, less the cost of homes sold, selling, general and administrative expenses and a corporate capital allocation charge. The corporate capital allocation charge is eliminated in consolidation and is based on the segment’s average net assets employed. The corporate capital allocation charged to the operating segment allows the Chief Operating Decision Maker (“CODM”) to determine whether the operating segment’s results are providing the desired rate of return after covering the Company’s cost of capital. In addition, certain assets, including goodwill and intangible assets and consolidation adjustments as discussed further below, are not allocated to the operating segments as those assets are neither included in the operating segment’s corporate capital allocation charge, nor in the CODM’s evaluation of the operating segment’s performance. The Company records charges on contract land deposits when it is determined that it is probable that recovery of the deposit is impaired. For segment reporting purposes, impairments on contract land deposits are generally charged to the operating segment upon the termination of a Lot Purchase Agreement with the developer, or the restructuring of a Lot Purchase Agreement resulting in the forfeiture of the deposit. Mortgage banking profit before tax consists of revenues generated from mortgage financing, title insurance and closing services, less the costs of such services and general and administrative costs. Mortgage banking operations are not charged a corporate capital allocation charge. In addition to the corporate capital allocation and contract land deposit impairments discussed above, the other reconciling items between segment profit and consolidated profit before tax include unallocated corporate overhead (including all management incentive compensation), equity-based compensation expense, consolidation adjustments and external corporate interest expense. NVR’s overhead functions, such as accounting, treasury and human resources, are centrally performed and the costs are not allocated to the Company’s operating segments. Consolidation adjustments consist of such items necessary to convert the reportable segments’ results, which are predominantly maintained on a cash basis, to a full accrual basis for external financial statement presentation purposes, and are not allocated to the Company’s operating segments. External corporate interest expense primarily consists of interest charges on the Company’s 3.95% Senior Notes due 2022 (the “Senior Notes”) and is not charged to the operating segments because the charges are included in the corporate capital allocation discussed above. The f ollowing tables present segment revenues, profit and assets with reconciliations to the amounts reported for the consolidated enterprise, where applicable: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenues: Homebuilding Mid Atlantic $ 927,551 $ 873,490 $ 2,521,967 $ 2,279,207 Homebuilding North East 141,033 123,754 374,804 329,674 Homebuilding Mid East 338,900 327,387 895,168 877,921 Homebuilding South East 226,242 182,820 602,088 503,894 Mortgage Banking 34,194 30,118 95,477 79,082 Total consolidated revenues $ 1,667,920 $ 1,537,569 $ 4,489,504 $ 4,069,778 Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Profit before taxes: Homebuilding Mid Atlantic $ 109,417 $ 81,137 $ 274,527 $ 191,476 Homebuilding North East 18,762 8,711 41,980 18,354 Homebuilding Mid East 44,990 34,699 103,135 87,488 Homebuilding South East 26,849 16,548 64,330 45,159 Mortgage Banking 19,336 18,155 53,293 42,503 Total segment profit before taxes 219,354 159,250 537,265 384,980 Reconciling items: Contract land deposit reserve adjustment (1) 1,910 785 (882 ) 3,421 Equity-based compensation expense (11,211 ) (11,081 ) (32,678 ) (32,459 ) Corporate capital allocation (2) 51,904 50,032 147,737 140,606 Unallocated corporate overhead (18,768 ) (18,459 ) (69,362 ) (74,485 ) Consolidation adjustments and other 7,087 9,798 20,513 25,660 Corporate interest expense (5,812 ) (5,322 ) (17,000 ) (14,688 ) Reconciling items sub-total 25,110 25,753 48,328 48,055 Consolidated profit before taxes $ 244,464 $ 185,003 $ 585,593 $ 433,035 September 30, 2017 December 31, 2016 Assets: Homebuilding Mid Atlantic $ 1,163,794 $ 1,054,779 Homebuilding North East 145,094 126,720 Homebuilding Mid East 278,609 222,736 Homebuilding South East 288,473 214,225 Mortgage Banking 300,365 403,250 Total segment assets 2,176,335 2,021,710 Reconciling items: Consolidated variable interest entity 1,222 1,251 Cash and cash equivalents 611,094 375,748 Deferred taxes 176,892 170,652 Intangible assets and goodwill 50,490 51,526 Contract land deposit reserve (32,188 ) (31,306 ) Consolidation adjustments and other 65,666 54,362 Reconciling items sub-total 873,176 622,233 Consolidated assets $ 3,049,511 $ 2,643,943 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. (2) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 32,025 $ 31,960 $ 92,154 $ 87,911 Homebuilding North East 4,244 4,572 12,191 13,972 Homebuilding Mid East 7,747 7,366 22,024 21,523 Homebuilding South East 7,888 6,134 21,368 17,200 Total $ 51,904 $ 50,032 $ 147,737 $ 140,606

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value	Fair Value GAAP assigns a fair value hierarchy to the inputs used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets and liabilities. Level 2 inputs are inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs. Financial Instruments The estimated fair value of NVR’s Senior Notes as of September 30, 2017 was $628,500 . The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hierarchy. The carrying value of the Senior Notes was $596,913 at September 30, 2017 . Except as otherwise noted below, NVR believes that insignificant differences exist between the carrying value and the fair value of its financial instruments, which consist of cash equivalents, due to their short term nature. Derivative Instruments and Mortgage Loans Held for Sale In the normal course of business, NVR’s wholly-owned mortgage subsidiary, NVR Mortgage Finance, Inc. (“NVRM”), enters into contractual commitments to extend credit to NVR’s homebuyers with fixed expiration dates. The commitments become effective when the borrowers "lock-in" a specified interest rate within time frames established by NVRM. All mortgagors are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the "lock-in" of rates by the borrower and the sale date of the loan to a broker/dealer. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, NVRM enters into optional or mandatory delivery forward sale contracts to sell whole loans and mortgage-backed securities to broker/dealers. The forward sales contracts lock in an interest rate and price for the sale of loans similar to the specific rate lock commitments. NVRM does not engage in speculative or trading derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to broker/dealers are undesignated derivatives and, accordingly, are marked to fair value through earnings. At September 30, 2017 , there were contractual commitments to extend credit to borrowers aggregating $668,936 and open forward delivery contracts aggregating $838,131 , which hedge both the rate lock loan commitments and closed loans held for sale. The fair value of NVRM’s rate lock commitments to borrowers and the related input levels include, as applicable: i) the assumed gain/loss of the expected resultant loan sale (Level 2); ii) the effects of interest rate movements between the date of the rate lock and the balance sheet date (Level 2); and iii) the value of the servicing rights associated with the loan (Level 2). The assumed gain/loss considers the excess servicing to be received or buydown fees to be paid upon securitization of the loan. The excess servicing and buydown fees are calculated pursuant to contractual terms with investors. To calculate the effects of interest rate movements, NVRM utilizes applicable published mortgage-backed security prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount. NVRM sells all of its loans on a servicing released basis, and receives a servicing released premium upon sale. Thus, the value of the servicing rights is included in the fair value measurement and is based upon contractual terms with investors and varies depending on the loan type. NVRM assumes a fallout rate when measuring the fair value of rate lock commitments. Fallout is defined as locked loan commitments for which NVRM does not close a mortgage loan and is based on historical experience. The fair value of NVRM’s forward sales contracts to broker/dealers solely considers the market price movement of the same type of security between the trade date and the balance sheet date (Level 2). The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value. Mortgage loans held for sale are recorded at fair value when closed, and thereafter are carried at the lower of cost or fair value, net of deferred origination costs, until sold. Fair value is measured using Level 2 inputs. The fair value of loans held for sale of $258,554 included on the accompanying condensed consolidated balance sheet has been increased by $2,537 from the aggregate principal balance of $256,017 . The undesignated derivative instruments are included on the accompanying condensed consolidated balance sheet, as of September 30, 2017 , as follows: Fair Value Balance Sheet Location Rate lock commitments: Gross assets $ 7,221 Gross liabilities 3,610 Net rate lock commitments $ 3,611 NVRM - Other assets Forward sales contracts: Gross assets $ 1,771 Gross liabilities 802 Net forward sales contracts $ 969 NVRM - Other assets The fair value measurement as of September 30, 2017 was as follows: Notional or Principal Amount Assumed Gain/(Loss) From Loan Sale Interest Rate Movement Effect Servicing Rights Value Security Price Change Total Fair Value Measurement Gain/(Loss) Rate lock commitments $ 668,936 $ (1,433 ) $ (1,361 ) $ 6,405 $ — $ 3,611 Forward sales contracts $ 838,131 — — — 969 969 Mortgages held for sale $ 256,017 (301 ) 265 2,573 — 2,537 Total fair value measurement $ (1,734 ) $ (1,096 ) $ 8,978 $ 969 $ 7,117 For the three and nine months ended September 30, 2017 , NVRM recorded a fair value adjustment to income of $1,572 and $2,931 , respectively. For the three and nine months ended September 30, 2016 , NVRM recorded a fair value adjustment to expense of $758 and $826 , respectively. Unrealized gains/losses from the change in the fair value measurements are included in earnings as a component of mortgage banking fees in the accompanying condensed consolidated statements of income. The fair value measurement will be impacted in the future by the change in the value of the servicing rights, interest rate movements, security price fluctuations, and the volume and product mix of NVRM’s closed loans and locked loan commitments.

Debt

Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt Senior Notes As of September 30, 2017 , the Company had Senior Notes outstanding with a principal balance of $600,000 . The Senior Notes mature on September 15, 2022 and bear interest at 3.95% , payable semi-annually in arrears on March 15 and September 15 . The Senior Notes were issued at a discount to yield 3.97% and have been reflected net of the unamortized discount and unamortized debt issuance costs in the accompanying condensed consolidated balance sheet. Credit Agreement NVR has an unsecured Credit Agreement (the “Credit Agreement”), which provides for aggregate revolving loan commitments of $200,000 (the “Facility”). Under the Credit Agreement, the Company may request increases of up to $300,000 to the Facility in the form of revolving loan commitments or term loans to the extent that new or existing lenders agree to provide additional revolving loan or term loan commitments. The Credit Agreement provides for a $100,000 sublimit for the issuance of letters of credit, of which approximately $7,200 was outstanding at September 30, 2017 , and a $25,000 sublimit for a swing line commitment. The Credit Agreement termination date is July 15, 2021 . There was no debt outstanding under the Facility at September 30, 2017 . Repurchase Agreement NVRM provides for its mortgage origination and other operating activities using cash generated from its operations, borrowings from its parent company, NVR, as well as a revolving mortgage repurchase agreement (the “Repurchase Agreement”), which is non-recourse to NVR. The Repurchase Agreement provides for loan purchases up to $150,000 , subject to certain sub-limits, and provides for an incremental commitment pursuant to which NVRM may from time to time request increases in the total commitment available under the Repurchase Agreement by up to $50,000 in the aggregate. Amounts outstanding under the Repurchase Agreement are collateralized by the Company’s mortgage loans held for sale. The Repurchase Agreement expires on July 25, 2018 . At September 30, 2017 , there were no borrowing base limitations reducing the amount available under the Repurchase Agreement. There was no debt outstanding under the Repurchase Agreement at September 30, 2017 .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In June 2010, the Company received a Request for Information from the United States Environmental Protection Agency (“EPA”) pursuant to Section 308 of the Clean Water Act. The request sought information about storm water discharge practices in connection with homebuilding projects completed or underway by the Company in New York and New Jersey. The Company cooperated with this request, and provided information to the EPA. The Company was subsequently informed by the United States Department of Justice (“DOJ”) that the EPA forwarded the information on the matter to the DOJ. The Company has entered a consent decree with the EPA and DOJ to settle this matter. The U.S. District Court for the District of New Jersey approved the consent decree on September 7, 2017. The consent decree includes injunctive relief and a civil penalty, which was paid in September 2017. The Company believes the disposition of this matter will not have a material adverse effect on its results of operations and liquidity or on its financial condition. The Company and its subsidiaries are also involved in various other litigation arising in the ordinary course of business. In the opinion of management, and based on advice of legal counsel, this litigation is not expected to have a material adverse effect on the financial position, results of operations or cash flows of the Company. Legal costs incurred in connection with outstanding litigation are expensed as incurred.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the three and nine months ended September 30, 2017 was 33.7% and 29.5% , respectively. For the three and nine months ended September 30, 2016 , the Company’s effective tax rate was 36.5% and 36.6% , respectively. The 2017 effective tax rate was reduced as a result of the Company’s adoption of ASU 2016-09, which requires the excess tax benefit from stock option exercises to be recorded as a reduction to income tax expense in the period stock options are exercised. During the three and nine months ended September 30, 2017 , the Company recognized $8,357 and $44,720 , respectively, in excess tax benefits. During the three and nine months ended September 30, 2016 , excess tax benefits of $2,271 and $10,949 , respectively, were recorded to additional paid-in capital within shareholders’ equity.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard is effective for the Company as of January 1, 2018. The Company plans to adopt the standard using the cumulative effect transition method. The Company does not believe that the adoption of this standard will have a material effect on its consolidated financial statements and related disclosures. In February 2016, FASB issued ASU 2016-02, Leases (Topic 842) , which requires lessees to recognize most leases on-balance sheet with a liability equal to the present value of lease payments over the lease term and a right-of-use asset for the right to use the underlying asset over the lease term. Lessees will recognize expenses on their income statements in a manner similar to current GAAP. The standard also requires additional disclosures of key information about leasing arrangements. The standard is effective for the Company as of January 1, 2019. The Company believes that the adoption of this standard will have a material effect on both assets and liabilities presented on the balance sheet, and is further evaluating the impact of its adoption. In June 2016, FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) , which significantly changes the way impairment of financial assets is recognized. The standard will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. The standard’s provisions will be applied as a cumulative-effect adjustment to beginning retained earnings as of the effective date. The standard is effective for the Company as of January 1, 2020. Early adoption is permitted for annual and interim periods beginning January 1, 2019. The Company is currently evaluating the effect that the standard will have on its consolidated financial statements and related disclosures. In August 2016, FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments . The objective of the standard is to address the diversity in practice of how certain cash receipts and payments are presented on the statement of cash flows. The standard requires that the guidance be applied retrospectively in the first interim and annual periods in which an entity adopts the guidance. The standard is effective for the Company as of January 1, 2018. The Company expects the standard to affect the presentation of the distributions from joint ventures in the consolidated statement of cash flows. In November 2016, FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash . The amendments in the standard require that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and restricted cash or restricted cash equivalents. As a result, restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total cash amounts shown on the statement of cash flows. The standard is effective for the Company as of January 1, 2018. The Company does not believe that the adoption of this standard will have a material effect on its consolidated statements of cash flows and related disclosures. In January 2017, FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment . The standard’s objective is to simplify the subsequent measurement of goodwill by eliminating the second step from the goodwill impairment test. Under the amendments in the standard, an entity would perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, an impairment charge would then be recognized, not to exceed the amount of goodwill allocated to that reporting unit. The standard is effective for the Company on January 1, 2020, and early adoption is permitted. The Company does not believe that the adoption of this standard will have a material effect on its consolidated financial statements and related disclosures. In May 2017, FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718), Scope of Modification Accounting. The amendments in the standard clarify when changes in a share-based payment award must be accounted for as a modification, and will allow entities to make certain changes to share-based payment awards without accounting for them as modifications. Under the new guidance, entities will only apply modification accounting if there are substantive changes made to share-based payment awards. If a change made to a share-based payment award does not affect the fair value, vesting conditions and classification as either an equity or liability instrument, modification accounting will not need to be applied. The standard is effective for the Company on January 1, 2018, and early adoption is permitted. The Company does not believe that the adoption of this standard will have a material effect on its consolidated financial statements and related disclosures.

Recent Accounting Pronounceme20

Recent Accounting Pronouncements Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard is effective for the Company as of January 1, 2018. The Company plans to adopt the standard using the cumulative effect transition method. The Company does not believe that the adoption of this standard will have a material effect on its consolidated financial statements and related disclosures. In February 2016, FASB issued ASU 2016-02, Leases (Topic 842) , which requires lessees to recognize most leases on-balance sheet with a liability equal to the present value of lease payments over the lease term and a right-of-use asset for the right to use the underlying asset over the lease term. Lessees will recognize expenses on their income statements in a manner similar to current GAAP. The standard also requires additional disclosures of key information about leasing arrangements. The standard is effective for the Company as of January 1, 2019. The Company believes that the adoption of this standard will have a material effect on both assets and liabilities presented on the balance sheet, and is further evaluating the impact of its adoption. In June 2016, FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) , which significantly changes the way impairment of financial assets is recognized. The standard will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. The standard’s provisions will be applied as a cumulative-effect adjustment to beginning retained earnings as of the effective date. The standard is effective for the Company as of January 1, 2020. Early adoption is permitted for annual and interim periods beginning January 1, 2019. The Company is currently evaluating the effect that the standard will have on its consolidated financial statements and related disclosures. In August 2016, FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments . The objective of the standard is to address the diversity in practice of how certain cash receipts and payments are presented on the statement of cash flows. The standard requires that the guidance be applied retrospectively in the first interim and annual periods in which an entity adopts the guidance. The standard is effective for the Company as of January 1, 2018. The Company expects the standard to affect the presentation of the distributions from joint ventures in the consolidated statement of cash flows. In November 2016, FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash . The amendments in the standard require that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and restricted cash or restricted cash equivalents. As a result, restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total cash amounts shown on the statement of cash flows. The standard is effective for the Company as of January 1, 2018. The Company does not believe that the adoption of this standard will have a material effect on its consolidated statements of cash flows and related disclosures. In January 2017, FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment . The standard’s objective is to simplify the subsequent measurement of goodwill by eliminating the second step from the goodwill impairment test. Under the amendments in the standard, an entity would perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, an impairment charge would then be recognized, not to exceed the amount of goodwill allocated to that reporting unit. The standard is effective for the Company on January 1, 2020, and early adoption is permitted. The Company does not believe that the adoption of this standard will have a material effect on its consolidated financial statements and related disclosures. In May 2017, FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718), Scope of Modification Accounting. The amendments in the standard clarify when changes in a share-based payment award must be accounted for as a modification, and will allow entities to make certain changes to share-based payment awards without accounting for them as modifications. Under the new guidance, entities will only apply modification accounting if there are substantive changes made to share-based payment awards. If a change made to a share-based payment award does not affect the fair value, vesting conditions and classification as either an equity or liability instrument, modification accounting will not need to be applied. The standard is effective for the Company on January 1, 2018, and early adoption is permitted. The Company does not believe that the adoption of this standard will have a material effect on its consolidated financial statements and related disclosures.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2017
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Total Risk of Loss Related to Contract Land Deposits	NVR’s total risk of loss related to contract land deposits as of September 30, 2017 and December 31, 2016 was as follows: September 30, 2017 December 31, 2016 Contract land deposits $ 397,330 $ 411,150 Loss reserve on contract land deposits (32,188 ) (31,306 ) Contract land deposits, net 365,142 379,844 Contingent obligations in the form of letters of credit 2,315 2,379 Specific performance obligations (1) 1,505 1,505 Total risk of loss $ 368,962 $ 383,728 (1) As of both September 30, 2017 and December 31, 2016 , the Company was committed to purchase 10 finished lots under specific performance obligations.

Joint Ventures (Tables)

Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2017
Consolidated Joint Venture
Schedule of Equity Method Investments [Line Items]
Condensed Balance Sheets	The condensed balance sheets as of September 30, 2017 and December 31, 2016 of the consolidated JV were as follows: September 30, 2017 December 31, 2016 Assets: Cash $ 1,177 $ 1,214 Other assets 45 37 Total assets $ 1,222 $ 1,251 Liabilities and equity: Accrued expenses $ 521 $ 550 Equity 701 701 Total liabilities and equity $ 1,222 $ 1,251

Capitalized Interest (Tables)

Capitalized Interest (Tables)	9 Months Ended
	Sep. 30, 2017
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Abstract]
Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales	NVR’s interest costs incurred, capitalized, expensed and charged to cost of sales during the three and nine months ended September 30, 2017 and 2016 was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Interest capitalized, beginning of period $ 5,952 $ 4,576 $ 5,106 $ 4,434 Interest incurred 6,615 6,562 19,754 19,347 Interest charged to interest expense (6,120 ) (5,624 ) (17,870 ) (15,526 ) Interest charged to cost of sales (778 ) (600 ) (1,321 ) (3,341 ) Interest capitalized, end of period $ 5,669 $ 4,914 $ 5,669 $ 4,914

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share	The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Weighted average number of shares outstanding used to calculate basic EPS 3,747 3,858 3,733 3,881 Dilutive securities: Stock options and restricted share units 516 267 466 261 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 4,263 4,125 4,199 4,142
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following stock options and restricted share units issued under equity incentive plans were outstanding during the three and nine months ended September 30, 2017 and 2016 , but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Anti-dilutive securities 8 88 17 89

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Summary of Changes in Shareholders' Equity	A summary of changes in shareholders’ equity is presented below: Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Deferred Compensation Trust Deferred Compensation Liability Total Balance, December 31, 2016 $ 206 $ 1,515,828 $ 5,695,376 $ (5,906,969 ) $ (17,375 ) $ 17,375 $ 1,304,441 Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax — 1,566 (957 ) — — — 609 Net income — — 412,902 — — — 412,902 Deferred compensation activity — — — — (1 ) 1 — Purchase of common stock for treasury — — — (230,199 ) — — (230,199 ) Equity-based compensation — 32,678 — — — — 32,678 Proceeds from stock options exercised — 130,245 — — — — 130,245 Treasury stock issued upon option exercise and restricted share vesting — (54,205 ) — 54,205 — — — Balance, September 30, 2017 $ 206 $ 1,626,112 $ 6,107,321 $ (6,082,963 ) $ (17,376 ) $ 17,376 $ 1,650,676

Product Warranties (Tables)

Product Warranties (Tables)	9 Months Ended
	Sep. 30, 2017
Product Warranties Disclosures [Abstract]
Summary of Changes in Product Warranties Reserve	The following table reflects the changes in the Company’s Warranty Reserve during the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Warranty reserve, beginning of period $ 95,394 $ 87,953 $ 93,895 $ 87,407 Provision 12,940 11,622 35,107 33,331 Payments (11,677 ) (11,551 ) (32,345 ) (32,714 ) Warranty reserve, end of period $ 96,657 $ 88,024 $ 96,657 $ 88,024

Segment Disclosures (Tables)

Segment Disclosures (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Revenues	The f ollowing tables present segment revenues, profit and assets with reconciliations to the amounts reported for the consolidated enterprise, where applicable: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenues: Homebuilding Mid Atlantic $ 927,551 $ 873,490 $ 2,521,967 $ 2,279,207 Homebuilding North East 141,033 123,754 374,804 329,674 Homebuilding Mid East 338,900 327,387 895,168 877,921 Homebuilding South East 226,242 182,820 602,088 503,894 Mortgage Banking 34,194 30,118 95,477 79,082 Total consolidated revenues $ 1,667,920 $ 1,537,569 $ 4,489,504 $ 4,069,778
Profit before Taxes	Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Profit before taxes: Homebuilding Mid Atlantic $ 109,417 $ 81,137 $ 274,527 $ 191,476 Homebuilding North East 18,762 8,711 41,980 18,354 Homebuilding Mid East 44,990 34,699 103,135 87,488 Homebuilding South East 26,849 16,548 64,330 45,159 Mortgage Banking 19,336 18,155 53,293 42,503 Total segment profit before taxes 219,354 159,250 537,265 384,980 Reconciling items: Contract land deposit reserve adjustment (1) 1,910 785 (882 ) 3,421 Equity-based compensation expense (11,211 ) (11,081 ) (32,678 ) (32,459 ) Corporate capital allocation (2) 51,904 50,032 147,737 140,606 Unallocated corporate overhead (18,768 ) (18,459 ) (69,362 ) (74,485 ) Consolidation adjustments and other 7,087 9,798 20,513 25,660 Corporate interest expense (5,812 ) (5,322 ) (17,000 ) (14,688 ) Reconciling items sub-total 25,110 25,753 48,328 48,055 Consolidated profit before taxes $ 244,464 $ 185,003 $ 585,593 $ 433,035 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. (2) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 32,025 $ 31,960 $ 92,154 $ 87,911 Homebuilding North East 4,244 4,572 12,191 13,972 Homebuilding Mid East 7,747 7,366 22,024 21,523 Homebuilding South East 7,888 6,134 21,368 17,200 Total $ 51,904 $ 50,032 $ 147,737 $ 140,606
Assets	September 30, 2017 December 31, 2016 Assets: Homebuilding Mid Atlantic $ 1,163,794 $ 1,054,779 Homebuilding North East 145,094 126,720 Homebuilding Mid East 278,609 222,736 Homebuilding South East 288,473 214,225 Mortgage Banking 300,365 403,250 Total segment assets 2,176,335 2,021,710 Reconciling items: Consolidated variable interest entity 1,222 1,251 Cash and cash equivalents 611,094 375,748 Deferred taxes 176,892 170,652 Intangible assets and goodwill 50,490 51,526 Contract land deposit reserve (32,188 ) (31,306 ) Consolidation adjustments and other 65,666 54,362 Reconciling items sub-total 873,176 622,233 Consolidated assets $ 3,049,511 $ 2,643,943
Corporate Capital Allocation Charge	The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 32,025 $ 31,960 $ 92,154 $ 87,911 Homebuilding North East 4,244 4,572 12,191 13,972 Homebuilding Mid East 7,747 7,366 22,024 21,523 Homebuilding South East 7,888 6,134 21,368 17,200 Total $ 51,904 $ 50,032 $ 147,737 $ 140,606

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Undesignated Derivative Instruments	The undesignated derivative instruments are included on the accompanying condensed consolidated balance sheet, as of September 30, 2017 , as follows: Fair Value Balance Sheet Location Rate lock commitments: Gross assets $ 7,221 Gross liabilities 3,610 Net rate lock commitments $ 3,611 NVRM - Other assets Forward sales contracts: Gross assets $ 1,771 Gross liabilities 802 Net forward sales contracts $ 969 NVRM - Other assets
Fair Value Measurement	The fair value measurement as of September 30, 2017 was as follows: Notional or Principal Amount Assumed Gain/(Loss) From Loan Sale Interest Rate Movement Effect Servicing Rights Value Security Price Change Total Fair Value Measurement Gain/(Loss) Rate lock commitments $ 668,936 $ (1,433 ) $ (1,361 ) $ 6,405 $ — $ 3,611 Forward sales contracts $ 838,131 — — — 969 969 Mortgages held for sale $ 256,017 (301 ) 265 2,573 — 2,537 Total fair value measurement $ (1,734 ) $ (1,096 ) $ 8,978 $ 969 $ 7,117

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax					$ 609
Retained Earnings [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax					$ (957)
Accounting Standards Update (“ASU”) 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax benefit from option exercises recognized as a reduction to income tax expense	$ 8,357		$ 44,720
Excess tax benefit recognized		$ 2,271		$ 10,949
Increase to net cash provided by operating activities				10,949
Increase to net cash used in financing activities				$ 10,949

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Thousands	Sep. 30, 2017USD ($)lot	Dec. 31, 2016USD ($)
Variable Interest Entity [Line Items]
Contract land deposits in cash	$ 397,330	$ 411,150
Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10.00%
Power of developers equity holders to direct operating activities of development entity	100.00%
Lots controlled by NVR | lot	79,700
Contract land deposits in cash under lot purchase Agreements	$ 385,600
Letters of credit related to lots	$ 2,100
Contract on Raw Ground with Landowners [Member]
Variable Interest Entity [Line Items]
Lots controlled by NVR | lot	9,700
Contract land deposits in cash	$ 11,700
Letters of credit related to land contract	200
Refundable deposits and letters of credit	$ 5,200

Variable Interest Entities - To

Variable Interest Entities - Total Risk of Loss Related to Contract Land Deposits (Detail) $ in Thousands	Sep. 30, 2017USD ($)lot	Dec. 31, 2016USD ($)lot
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Contract land deposits	$ 397,330	$ 411,150
Loss reserve on contract land deposits	(32,188)	(31,306)
Contract land deposits, net	365,142	379,844
Contingent obligations in the form of letters of credit	2,315	2,379
Specific performance obligations	1,505	1,505
Total risk of loss	$ 368,962	$ 383,728
Finished lots committed to purchase under specific performance obligations | lot	10	10

Joint Ventures - Additional Inf

Joint Ventures - Additional Information (Detail) $ in Thousands	Sep. 30, 2017USD ($)joint_venturelot	Dec. 31, 2016USD ($)
Joint Ventures [Line Items]
Aggregate investment | $	$ 42,300
Number of joint ventures | joint_venture	6
Expected production of finished lots | lot	7,200
Total lots controlled by company under the joint venture | lot	3,900
Total lots either under contract with unrelated parties or not under the current contract | lot	3,300
Additional funding commitments in the aggregate | $	$ 5,800
Number of joint ventures with additional funding commitment | joint_venture	3
Number of joint ventures NVR is not primary beneficiary | joint_venture	5
Other Assets [Member]
Joint Ventures [Line Items]
Aggregate investment | $	$ 41,900	$ 49,000

Joint Ventures - Condensed Bala

Joint Ventures - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Assets:
Cash	$ 628,061	$ 396,619	$ 262,428	$ 425,316
Liabilities and equity:
Equity	1,650,676	1,304,441
Total liabilities and shareholders' equity	3,049,511	2,643,943
Consolidated Joint Venture
Assets:
Cash	1,177	1,214
Other assets	45	37
Assets related to consolidated variable interest entity	1,222	1,251
Liabilities and equity:
Accrued expenses	521	550
Equity	701	701
Total liabilities and shareholders' equity	$ 1,222	$ 1,251

Land Under Development - Additi

Land Under Development - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)parcellot	Jan. 31, 2017USD ($)
Real Estate [Abstract]
Acquisition costs of raw land parcel		$ 14,400
Number of raw parcels of land owned | parcel	3
Carrying value of raw parcels of land	$ 19,182
Number of finished lots expected to be developed from raw parcels of land | lot	400
Aggregate additional funding commitments related to raw land property under joint development	$ 9,000
Expected development credits that will offset the aggregate additional funding commitments related to raw land property development	$ 4,800

Capitalized Interest - Summary

Capitalized Interest - Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Roll Forward]
Interest capitalized, beginning of period	$ 5,952	$ 4,576	$ 5,106	$ 4,434
Interest incurred	6,615	6,562	19,754	19,347
Interest expense	(6,120)	(5,624)	(17,870)	(15,526)
Interest charged to cost of sales	(778)	(600)	(1,321)	(3,341)
Interest capitalized, end of period	$ 5,669	$ 4,914	$ 5,669	$ 4,914

Earnings Per Share - Weighted A

Earnings Per Share - Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS (in shares)	3,747	3,858	3,733	3,881
Dilutive securities:
Stock options and restricted share units (in shares)	516	267	466	261
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS (in shares)	4,263	4,125	4,199	4,142

Earnings Per Share - Summary of

Earnings Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Anti-dilutive securities (in shares)	8	88	17	89

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Changes in Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			$ 1,304,441
Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax					$ 609
Net income	$ 162,102	$ 117,392	412,902	$ 274,371
Purchase of common stock for treasury			(230,199)
Equity-based compensation			32,678
Proceeds from stock options exercised			130,245
Ending Balance	1,650,676		1,650,676
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			206
Ending Balance	206		206
Additional Paid-In-Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			1,515,828
Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax					1,566
Equity-based compensation			32,678
Proceeds from stock options exercised			130,245
Treasury stock issued upon option exercise and restricted share vesting			(54,205)
Ending Balance	1,626,112		1,626,112
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			5,695,376
Cumulative-effect adjustment from adoption of ASU 2016-09, net of tax					$ (957)
Net income			412,902
Ending Balance	6,107,321		6,107,321
Treasury Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			(5,906,969)
Purchase of common stock for treasury			(230,199)
Treasury stock issued upon option exercise and restricted share vesting			54,205
Ending Balance	(6,082,963)		(6,082,963)
Deferred Compensation Trust [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			(17,375)
Deferred compensation activity			(1)
Ending Balance	(17,376)		(17,376)
Deferred Compensation Liability [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			17,375
Deferred compensation activity			1
Ending Balance	$ 17,376		$ 17,376

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) shares in Thousands	9 Months Ended
	Sep. 30, 2017shares
Equity [Abstract]
Common stock repurchased (in shares)	110
Reissued shares during the period, shares (in shares)	153

Product Warranties Product Warr

Product Warranties Product Warranties - Schedule of Product Warranties Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Warranty reserve, beginning of period	$ 95,394	$ 87,953	$ 93,895	$ 87,407
Provision	12,940	11,622	35,107	33,331
Payments	(11,677)	(11,551)	(32,345)	(32,714)
Warranty reserve, end of period	$ 96,657	$ 88,024	$ 96,657	$ 88,024

Segment Disclosures - Additiona

Segment Disclosures - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017segment
Senior Notes due 2022 [Member]
Segment Reporting Information [Line Items]
Senior notes interest rate	3.95%
Senior notes maturity	Sep. 15, 2022
Homebuilding [Member]
Segment Reporting Information [Line Items]
Number of reportable segments	4
Mortgage Banking [Member]
Segment Reporting Information [Line Items]
Number of reportable segments	1

Segment Disclosures - Revenues

Segment Disclosures - Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated revenues	$ 1,667,920	$ 1,537,569	$ 4,489,504	$ 4,069,778
Homebuilding [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,633,726	1,507,451	4,394,027	3,990,696
Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	927,551	873,490	2,521,967	2,279,207
Homebuilding [Member] | North East [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	141,033	123,754	374,804	329,674
Homebuilding [Member] | Mid East [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	338,900	327,387	895,168	877,921
Homebuilding [Member] | South East [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	226,242	182,820	602,088	503,894
Mortgage Banking [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Mortgage Banking	$ 34,194	$ 30,118	$ 95,477	$ 79,082

Segment Disclosures - Profit be

Segment Disclosures - Profit before Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	$ 244,464	$ 185,003	$ 585,593	$ 433,035
Equity-based compensation expense			(32,678)	(32,459)
Corporate interest expense	(6,120)	(5,624)	(17,870)	(15,526)
Homebuilding [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	226,043	167,657	534,570	392,839
Corporate interest expense	(5,821)	(5,338)	(17,040)	(14,734)
Mortgage Banking [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	18,421	17,346	51,023	40,196
Corporate interest expense	(299)	(286)	(830)	(792)
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	219,354	159,250	537,265	384,980
Operating Segments [Member] | Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	109,417	81,137	274,527	191,476
Operating Segments [Member] | Homebuilding [Member] | North East [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	18,762	8,711	41,980	18,354
Operating Segments [Member] | Homebuilding [Member] | Mid East [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	44,990	34,699	103,135	87,488
Operating Segments [Member] | Homebuilding [Member] | South East [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	26,849	16,548	64,330	45,159
Operating Segments [Member] | Mortgage Banking [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	19,336	18,155	53,293	42,503
Corporate and Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	25,110	25,753	48,328	48,055
Contract land deposit reserve adjustment	1,910	785	(882)	3,421
Equity-based compensation expense	(11,211)	(11,081)	(32,678)	(32,459)
Corporate capital allocation	51,904	50,032	147,737	140,606
Unallocated corporate overhead	(18,768)	(18,459)	(69,362)	(74,485)
Consolidation adjustments and other	7,087	9,798	20,513	25,660
Corporate interest expense	(5,812)	(5,322)	(17,000)	(14,688)
Corporate and Reconciling Items [Member] | Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	32,025	31,960	92,154	87,911
Corporate and Reconciling Items [Member] | Homebuilding [Member] | North East [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	4,244	4,572	12,191	13,972
Corporate and Reconciling Items [Member] | Homebuilding [Member] | Mid East [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	7,747	7,366	22,024	21,523
Corporate and Reconciling Items [Member] | Homebuilding [Member] | South East [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	$ 7,888	$ 6,134	$ 21,368	$ 17,200

Segment Disclosures - Assets (D

Segment Disclosures - Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 3,049,511	$ 2,643,943
Cash and cash equivalents	628,061	396,619	$ 262,428	$ 425,316
Contract land deposit reserve	(32,188)	(31,306)
Homebuilding [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,741,799	2,233,346
Consolidated variable interest entity	1,222	1,251
Cash and cash equivalents	611,094	375,748
Intangible assets and goodwill	1,563	2,599
Mortgage Banking [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	307,712	410,597
Cash and cash equivalents	15,790	19,657
Operating Segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,176,335	2,021,710
Operating Segments [Member] | Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,163,794	1,054,779
Operating Segments [Member] | Homebuilding [Member] | North East [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	145,094	126,720
Operating Segments [Member] | Homebuilding [Member] | Mid East [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	278,609	222,736
Operating Segments [Member] | Homebuilding [Member] | South East [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	288,473	214,225
Operating Segments [Member] | Mortgage Banking [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	300,365	403,250
Corporate and Reconciling Items [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	873,176	622,233
Consolidated variable interest entity	1,222	1,251
Cash and cash equivalents	611,094	375,748
Deferred taxes	176,892	170,652
Intangible assets and goodwill	50,490	51,526
Contract land deposit reserve	(32,188)	(31,306)
Consolidation adjustments and other	$ 65,666	$ 54,362

Segment Disclosures - Corporate

Segment Disclosures - Corporate Capital Allocation Charge (Detail) - Corporate and Reconciling Items [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 51,904	$ 50,032	$ 147,737	$ 140,606
Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	32,025	31,960	92,154	87,911
Homebuilding [Member] | North East [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	4,244	4,572	12,191	13,972
Homebuilding [Member] | Mid East [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	7,747	7,366	22,024	21,523
Homebuilding [Member] | South East [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 7,888	$ 6,134	$ 21,368	$ 17,200

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement Gain/(Loss)			$ 7,117
Homebuilding [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	$ 596,913		596,913		$ 596,455
Homebuilding [Member] | Senior Notes due 2022 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	596,913		596,913
Homebuilding [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Senior Notes due 2022 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	628,500		628,500
Mortgage Banking [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of mortgage loans held for sale	258,554		258,554		$ 351,958
Mortgage Banking [Member] | Level 2 [Member] | Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment income (expense)	1,572	$ (758)	2,931	$ (826)
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount of contractual commitments	668,936		668,936
Total Fair Value Measurement Gain/(Loss)			3,611
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Sales Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount of contractual commitments	838,131		838,131
Total Fair Value Measurement Gain/(Loss)			969
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgages Held for Sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount of contractual commitments	256,017		256,017
Fair value of mortgage loans held for sale	$ 258,554		258,554
Total Fair Value Measurement Gain/(Loss)			$ 2,537

Fair Value - Undesignated Deriv

Fair Value - Undesignated Derivative Instruments (Detail) - Mortgage Banking [Member] - Level 2 [Member] - Fair Value, Measurements, Recurring [Member] $ in Thousands	Sep. 30, 2017USD ($)
Rate Lock Commitments [Member]
Derivatives, Fair Value [Line Items]
Gross assets	$ 7,221
Gross liabilities	3,610
Net rate lock commitments and forward sales contracts	3,611
Forward Sales Contracts [Member]
Derivatives, Fair Value [Line Items]
Gross assets	1,771
Gross liabilities	802
Net rate lock commitments and forward sales contracts	$ 969

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurement (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain/(Loss) From Loan Sale	$ (1,734)
Interest Rate Movement Effect	(1,096)
Servicing Rights Value	8,978
Security Price Change	969
Total Fair Value Measurement Gain/(Loss)	7,117
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional or Principal Amount	668,936
Assumed Gain/(Loss) From Loan Sale	(1,433)
Interest Rate Movement Effect	(1,361)
Servicing Rights Value	6,405
Total Fair Value Measurement Gain/(Loss)	3,611
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Sales Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional or Principal Amount	838,131
Security Price Change	969
Total Fair Value Measurement Gain/(Loss)	969
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgages Held for Sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional or Principal Amount	256,017
Assumed Gain/(Loss) From Loan Sale	(301)
Interest Rate Movement Effect	265
Servicing Rights Value	2,573
Total Fair Value Measurement Gain/(Loss)	$ 2,537

Debt - Additional Information (

Debt - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017USD ($)
Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Senior notes principal amount	$ 600,000,000
Senior notes maturity date	Sep. 15, 2022
Senior notes interest rate	3.95%
Frequency of senior notes payment	semi-annually in arrears on March 15 and September 15
Senior notes effective interest rate	3.97%
Credit Agreement [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum loan borrowing capacity	$ 200,000,000
Increase in commitment available	$ 300,000,000
Expiration date	Jul. 15, 2021
Debt outstanding	$ 0
Credit Agreement [Member] | Revolving Credit Facility [Member] | Sublimit for Issuance of Letters of Credit [Member]
Debt Instrument [Line Items]
Maximum loan borrowing capacity	100,000,000
Letters of credit outstanding	7,200,000
Credit Agreement [Member] | Revolving Credit Facility [Member] | Sublimit for Swing Line Commitment [Member]
Debt Instrument [Line Items]
Maximum loan borrowing capacity	25,000,000
Repurchase Agreement [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum loan borrowing capacity	150,000,000
Increase in commitment available	$ 50,000,000
Expiration date	Jul. 25, 2018
Debt outstanding	$ 0
Borrowing base limitations	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax [Line Items]
Effective tax rate	33.70%	36.50%	29.50%	36.60%
Accounting Standards Update (“ASU”) 2016-09 [Member]
Income Tax [Line Items]
Excess tax benefit from option exercises recognized as a reduction to income tax expense	$ 8,357		$ 44,720
Excess tax benefit recognized		$ 2,271		$ 10,949