NVR (NVR) 10-Q 1 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 26, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	NVR
Entity Registrant Name	NVR INC
Entity Central Index Key	0000906163
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		3,590,137
Entity Emerging Growth Company	false
Entity Small Business	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Inventory:
Land under development	$ 37,781
Contract land deposits, net	389,332	$ 396,177
Total assets	3,362,771	3,165,933
LIABILITIES AND SHAREHOLDERS' EQUITY
Operating Lease, Liability	86,199
Total liabilities	1,463,995	1,357,371
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, 2018 and December 31, 2017	206	206
Additional paid-in capital	1,899,100	1,820,223
Deferred compensation trust – 107,336 and 108,640 shares of NVR, Inc. common stock as of September 30, 2018 and December 31, 2017, respectively	(16,912)	(16,937)
Deferred compensation liability	16,912	16,937
Retained earnings	7,219,739	7,031,333
Less treasury stock at cost – 16,960,261 and 16,864,324 shares as of September 30, 2018 and December 31, 2017, respectively	(7,220,269)	(7,043,200)
Total shareholders' equity	1,898,776	1,808,562
Total liabilities and shareholders' equity	3,362,771	3,165,933
Home Building [Member]
ASSETS
Cash and cash equivalents	805,195	688,783
Restricted cash	19,609	16,982
Receivables	30,488	18,641
Inventory:
Lots and housing units, covered under sales agreements with customers	1,101,147	1,076,904
Unsold lots and housing units	122,966	115,631
Land under development	37,781	38,857
Building materials and other	19,275	21,718
Total Inventory	1,281,169	1,253,110
Contract land deposits, net	389,332	396,177
Property, plant and equipment, net	43,269	42,234
Operating Lease, Right-of-Use Asset	65,519	0
Reorganization value in excess of amounts allocable to identifiable assets, net	41,580	41,580
Other assets	192,115	184,004
Total assets	2,868,276	2,641,511
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	283,119	244,496
Accrued expenses and other liabilities	310,880	332,871
Customer deposits	142,634	138,246
Operating Lease, Liability	72,965	0
Senior notes	597,836	597,681
Total liabilities	1,407,434	1,313,294
Mortgage Banking [Member]
ASSETS
Cash and cash equivalents	11,258	23,092
Restricted cash	4,337	3,071
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group	422,557	458,324
Inventory:
Property, plant and equipment, net	6,274	6,510
Operating Lease, Right-of-Use Asset	12,370	0
Reorganization value in excess of amounts allocable to identifiable assets, net	7,347	7,347
Other assets	30,352	26,078
Total assets	494,495	524,422
LIABILITIES AND SHAREHOLDERS' EQUITY
Operating Lease, Liability	13,234	0
Accounts payable and other liabilities	43,327	44,077
Total liabilities	$ 56,561	$ 44,077

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	20,555,330	20,555,330
Deferred compensation trust, shares	107,295	107,340
Treasury stock, shares	16,964,581	16,977,499

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues	$ 1,687,011	$ 1,529,414
Interest expense	(6,215)	(6,282)
Income before taxes	218,607	190,998
Income tax expense	(30,201)	(24,949)
Net income	$ 188,406	$ 166,049
Basic earnings per share (USD per share)	$ 52.23	$ 45.19
Diluted earnings per share (USD per share)	$ 47.64	$ 39.34
Basic weighted average shares outstanding (in shares)	3,607	3,675
Diluted weighted average shares outstanding (in shares)	3,955	4,220
Home Building [Member]
Revenues	$ 1,643,206	$ 1,490,093
Other income	5,737	1,977
Cost of Goods and Services Sold	1,338,806	1,211,946
Selling, general and administrative	(115,734)	(105,547)
Operating income	194,403	174,577
Interest expense	(5,993)	(6,007)
Income before taxes	188,410	168,570
Mortgage Banking [Member]
Revenues	43,805	39,321
Interest income	2,833	2,093
Other income	539	524
General and administrative	(16,758)	(19,235)
Interest expense	(222)	(275)
Income before taxes	$ 30,197	$ 22,428

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 188,406	$ 166,049
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,062	5,036
Equity-based compensation expense	19,333	9,509
Contract land deposit and other impairments, net	542	(215)
Gain on sale of loans, net	(34,957)	(31,320)
Mortgage loans closed	(1,141,720)	(1,009,675)
Mortgage loans sold and principal payments on mortgage loans held for sale	1,204,898	1,045,538
Distribution of earnings from unconsolidated joint ventures	608	1,383
Net change in assets and liabilities:
Increase in inventory	(28,059)	(98,193)
(Increase) decrease in contract land deposits	6,303	8,753
(Increase) decrease in receivables	(12,005)	(4,585)
Increase in accounts payable and accrued expenses	21,152	(25,035)
Increase in customer deposits	4,388	17,453
Other, net	(6,096)	(6,670)
Net cash provided by operating activities	227,855	78,028
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(335)	0
Distribution of capital from unconsolidated joint ventures	3,257	2,482
Purchase of property, plant and equipment	(5,285)	(3,113)
Proceeds from the sale of property, plant and equipment	484	195
Net cash used in investing activities	(1,879)	(436)
Cash flows from financing activities:
Purchase of treasury stock	(216,499)	(357,242)
Proceeds from the exercise of stock options	98,974	40,804
Net cash used in financing activities	(117,525)	(316,438)
Net (decrease) increase in cash, restricted cash, and cash equivalents	108,451	(238,846)
Cash, restricted cash, and cash equivalents, beginning of the period	732,248	689,557
Cash, restricted cash, and cash equivalents, end of the period	840,699	450,711
Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized	11,910	11,977
Income taxes paid during the period, net of refunds	$ 2,316	$ 3,333

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Significant Accounting Policies Basis of Presentation The accompanying unaudited, condensed consolidated financial statements include the accounts of NVR, Inc. (“NVR”, the “Company”, "we", "us" or "our") 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 our Annual Report on Form 10-K for the year ended December 31, 2018 . 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 months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . 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. For the three months ended March 31, 2019 and 2018 , comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying condensed consolidated financial statements. Cash and Cash Equivalents The beginning-of-period and end-of-period cash, restricted cash, and cash equivalent balances presented on the accompanying condensed consolidated statements of cash flows includes cash related to a consolidated joint venture which is included in homebuilding "Other assets" on the accompanying condensed consolidated balance sheets. The cash related to this consolidated joint venture as of March 31, 2019 and December 31, 2018 was $300 and $320 , respectively, and as of March 31, 2018 and December 31, 2017 was $1,148 and $1,069 , respectively. Revenue Recognition Homebuilding revenue is recognized on the settlement date at the contract sales price, when control is transferred to our customers. Our contract liabilities, which consist of deposits received from customers (“Handmoney”) on homes not settled, were $142,634 and $138,246 as of March 31, 2019 and December 31, 2018, respectively. We expect that substantially all of the December 31, 2018 Handmoney balance will be recognized in revenue in 2019. Our prepaid sales compensation totaled approximately $16,300 and $17,000 , as of March 31, 2019 and December 31, 2018 , respectively. These amounts are included in homebuilding “Other assets” on the accompanying condensed consolidated balance sheets. Recently Adopted Accounting Pronouncements On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) , which requires the recognition of our leases on the balance sheet as right-of-use ("ROU") assets and lease liabilities. We elected to adopt Topic 842 using the effective date transition method, which permits us to apply the new standard prospectively and present comparative years under legacy GAAP. In adoption of the standard, we also elected the following: • to apply the package of practical expedients during transition, under which we were not required to reassess as of the date of adoption (i) whether any of our contracts are or contain leases, (ii) the classifications of our leases, and (iii) any initial direct costs related to those leases. • to exclude leases with an initial lease term of 12 months or less from the recognition requirements under Topic 842. • to utilize the portfolio approach for certain office equipment leases, grouping leases by asset type which have similar lease terms and payment schedules. Upon adoption, on January 1, 2019 we recorded a lease liability of $85,516 and a ROU asset of $79,345 , which was recorded net of previously recognized straight-line operating lease adjustments on existing leases. The adoption of Topic 842 did not have an impact on our recognition of lease expense. See additional lease disclosures in Note 13.

Variable Interest Entities ("VI

Variable Interest Entities ("VIEs")	3 Months Ended
	Mar. 31, 2019
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Variable Interest Entities	Variable Interest Entities ("VIEs") Fixed Price Finished Lot Purchase Agreements (“Lot Purchase Agreements”) We generally do not engage in the land development business. Instead, we typically acquire 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 we fail 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. We believe this lot acquisition strategy reduces the financial requirements and risks associated with direct land ownership and land development. We may, at our option, choose for any reason and at any time not to perform under these Lot Purchase Agreements by delivering notice of our intent not to acquire the finished lots under contract. Our 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. None of the creditors of any of the development entities with which we enter Lot Purchase Agreements have recourse to our general credit. We generally do not have any specific performance obligations to purchase a certain number or any of the lots, nor do we guarantee completion of the development by the developer or guarantee any of the developers’ financial or other liabilities. We are not involved in the design or creation of the development entities from which we purchase lots under Lot Purchase Agreements. The developer’s equity holders have the power to direct 100% of the operating activities of the development entity. We have 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, we do 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 us 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 VIEs. Therefore, the development entities with which we enter into Lot Purchase Agreements, including the joint venture limited liability corporations discussed below, are evaluated for possible consolidation by us. 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. We believe 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 we contract to buy finished lots typically select the respective projects, obtain the necessary zoning approvals, obtain the financing required with no support or guarantees from us, 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 us. We possess no more than limited protective legal rights through the Lot Purchase Agreement in the specific finished lots that we are purchasing, and we possess no participative rights in the development entities. Accordingly, we do not have the power to direct the activities of a developer that most significantly impact the developer’s economic performance. For this reason, we have concluded that we are not the primary beneficiary of the development entities with which we enter into Lot Purchase Agreements, and therefore, we do not consolidate any of these VIEs. As of March 31, 2019 , we controlled approximately 94,500 lots under Lot Purchase Agreements with third parties through deposits in cash and letters of credit totaling approximately $415,600 and $3,900 , respectively. As noted above, our 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, we have certain properties under contract with land owners that are expected to yield approximately 7,700 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 $2,000 and $100 , respectively, as of March 31, 2019 , of which approximately $1,700 is refundable if certain contractual conditions are not met. We generally expect 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. Our total risk of loss related to contract land deposits as of March 31, 2019 and December 31, 2018 was as follows: March 31, 2019 December 31, 2018 Contract land deposits $ 417,598 $ 425,393 Loss reserve on contract land deposits (28,266 ) (29,216 ) Contract land deposits, net 389,332 396,177 Contingent obligations in the form of letters of credit 4,009 3,923 Specific performance obligations (1) 1,505 1,505 Total risk of loss $ 394,846 $ 401,605 (1) As of both March 31, 2019 and December 31, 2018 , we were committed to purchase 10 finished lots under specific performance obligations.

Joint Ventures Joint Ventures

Joint Ventures Joint Ventures	3 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments and Joint Ventures Disclosure [Text Block]	Joint Ventures On a limited basis, we obtain finished lots using joint venture limited liability corporations (“JVs”). The JVs are typically structured such that we are a non-controlling member and are at risk only for the amount we have invested, or have committed to invest, in addition to any deposits placed under Lot Purchase Agreements with the joint venture. We are not a borrower, guarantor or obligor on any debt of the JVs, as applicable. We enter into Lot Purchase Agreements to purchase lots from these JVs, and as a result have a variable interest in these JVs. At March 31, 2019 , we had an aggregate investment totaling approximately $31,100 in six JVs that are expected to produce approximately 6,700 finished lots, of which approximately 3,300 lots were controlled by us and the remaining approximately 3,400 lots were either under contract with unrelated parties or not currently under contract. In addition, we had additional funding commitments totaling approximately $4,700 in the aggregate to three of the JVs at March 31, 2019 . We have determined that we are not the primary beneficiary of five of the JVs because we either share power with the other JV partner or the other JV partner has the controlling financial interest. The aggregate investment in unconsolidated JVs was approximately $31,100 and $29,400 at March 31, 2019 and December 31, 2018 , respectively, and is reported in the “Other assets” line item on the accompanying condensed consolidated balance sheets. For the remaining JV, we have concluded that we are the primary beneficiary because we have the controlling financial interest in the JV. As of December 31, 2018, all activities under the consolidated JV had been completed. As of March 31, 2019, we had no investment remaining in the JV and the JV had remaining balances of $300 in cash and $264 in accrued expenses, which are included in homebuilding "Other assets" and "Accrued expenses and other liabilities," respectively, in the accompanying condensed consolidated balance sheets. We recognize income from the JVs as a reduction to the lot cost of the lots purchased from the respective JVs when the homes are settled, based on the expected total profitability and the total number of lots expected to be produced by the respective JVs. We classify distributions received from unconsolidated JVs using the cumulative earnings approach. As a result, distributions received up to the amount of cumulative earnings recognized by us are reported as distributions of earnings and those in excess of that amount are reported as a distribution of capital. These distributions are classified within the accompanying condensed consolidated statements of cash flows as cash flows from operating activities and investing activities, respectively.

Land Under Development

Land Under Development	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Land Under Development	Land Under Development On a limited basis, we directly acquire 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. As of March 31, 2019 , we directly owned a total of three separate raw land parcels with a carrying value of $37,781 that are expected to produce approximately 500 finished lots. We also have additional funding commitments of approximately $6,700 under a joint development agreement related to one parcel, a portion of which we expect will be offset by development credits of approximately $4,100 . None of the raw parcels had any indicators of impairment as of March 31, 2019 .

Capitalized Interest

Capitalized Interest	3 Months Ended
	Mar. 31, 2019
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Abstract]
Capitalized Interest	Capitalized Interest We capitalize interest costs to land under development during the active development of finished lots. In addition, we capitalize interest costs on our JV investments while the investments are considered qualified assets pursuant to ASC Topic 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 our 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. The following table reflects the changes in our capitalized interest during the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 Interest capitalized, beginning of period $ 4,154 $ 5,583 Interest incurred 6,499 6,595 Interest charged to interest expense (6,215 ) (6,282 ) Interest charged to cost of sales (298 ) (351 ) Interest capitalized, end of period $ 4,140 $ 5,545

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2019
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 months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 Weighted average number of shares outstanding used to calculate basic EPS 3,607 3,675 Dilutive securities: Stock options and restricted share units 348 545 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,955 4,220 The following non-qualified stock options ("Options") issued under equity incentive plans were outstanding during the three months ended March 31, 2019 and 2018 , but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Three Months Ended March 31, 2019 2018 Anti-dilutive securities 363 15

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity A summary of changes in shareholders’ equity for the three months ended March 31, 2019 is presented below: Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Deferred Compensation Trust Deferred Compensation Liability Total Balance, December 31, 2018 $ 206 $ 1,820,223 $ 7,031,333 $ (7,043,200 ) $ (16,937 ) $ 16,937 $ 1,808,562 Net income — — 188,406 — — — 188,406 Deferred compensation activity, net — — — — 25 (25 ) — Purchase of common stock for treasury — — — (216,499 ) — — (216,499 ) Equity-based compensation — 19,333 — — — — 19,333 Proceeds from Options exercised — 98,974 — — — — 98,974 Treasury stock issued upon option exercise and restricted share vesting — (39,430 ) — 39,430 — — — Balance, March 31, 2019 $ 206 $ 1,899,100 $ 7,219,739 $ (7,220,269 ) $ (16,912 ) $ 16,912 $ 1,898,776 A summary of changes in shareholders’ equity for the three months ended March 31, 2018 is presented below: Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Deferred Compensation Trust Deferred Compensation Liability Total Balance, December 31, 2017 $ 206 $ 1,644,197 $ 6,231,940 $ (6,270,851 ) $ (17,383 ) $ 17,383 $ 1,605,492 Cumulative-effect adjustment from adoption of ASU 2014-09, net of tax — — 2,196 — — — 2,196 Net income — — 166,049 — — — 166,049 Deferred compensation activity, net — — — — (6 ) 6 — Purchase of common stock for treasury — — — (357,242 ) — — (357,242 ) Equity-based compensation — 9,509 — — — — 9,509 Proceeds from Options exercised — 40,804 — — — — 40,804 Treasury stock issued upon option exercise and restricted share vesting — (16,410 ) — 16,410 — — — Balance, March 31, 2018 $ 206 $ 1,678,100 $ 6,400,185 $ (6,611,683 ) $ (17,389 ) $ 17,389 $ 1,466,808 We repurchased approximately 82 and 116 shares of our common stock during the three months ended March 31, 2019 and 2018, respectively. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. Approximately 95 and 44 shares were issued from the treasury account during the three months ended March 31, 2019 and 2018, respectively, in settlement of Option exercises and vesting of RSUs. Shares are relieved from the treasury account based on the weighted average cost basis of treasury shares acquired.

Product Warranties

Product Warranties	3 Months Ended
	Mar. 31, 2019
Product Warranties Disclosures [Abstract]
Product Warranties	Product Warranties We establish 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 our homebuilding business. Liability estimates are determined based on management’s judgment, considering such factors as historical experience, the estimated 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 our general counsel and outside counsel retained to handle specific product liability cases. The following table reflects the changes in our Warranty Reserve during the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 Warranty reserve, beginning of period $ 103,700 $ 94,513 Provision 11,823 11,527 Payments (12,671 ) (10,434 ) Warranty reserve, end of period $ 102,852 $ 95,606

Segment Disclosures

Segment Disclosures	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Disclosures	Segment Disclosures We disclose four homebuilding reportable segments that aggregate geographically our homebuilding operating segments, and our 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 our cost of capital. Assets not allocated to the operating segments are not included in either the operating segment’s corporate capital allocation charge or the CODM’s evaluation of the operating segment’s performance. We record 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. Overhead functions such as accounting, treasury and human resources are centrally performed and these costs are not allocated to our 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 our operating segments. External corporate interest expense primarily consists of interest charges on our 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 March 31, 2019 2018 Revenues: Homebuilding Mid Atlantic $ 881,324 $ 842,496 Homebuilding North East 122,627 122,714 Homebuilding Mid East 338,549 290,237 Homebuilding South East 300,706 234,646 Mortgage Banking 43,805 39,321 Total consolidated revenues $ 1,687,011 $ 1,529,414 Three Months Ended March 31, 2019 2018 Income before taxes: Homebuilding Mid Atlantic $ 99,364 $ 91,047 Homebuilding North East 11,460 15,704 Homebuilding Mid East 35,475 27,211 Homebuilding South East 35,036 23,237 Mortgage Banking 29,558 22,550 Total segment profit before taxes 210,893 179,749 Reconciling items: Contract land deposit reserve adjustment (1) 950 2,128 Equity-based compensation expense (2) (19,333 ) (9,509 ) Corporate capital allocation (3) 54,559 50,700 Unallocated corporate overhead (31,735 ) (31,284 ) Consolidation adjustments and other 9,247 5,201 Corporate interest expense (5,974 ) (5,987 ) Reconciling items sub-total 7,714 11,249 Consolidated income before taxes $ 218,607 $ 190,998 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. (2) The increase in equity-based compensation expense for the three month period ended March 31, 2019 was primarily attributable to the equity grant in the second quarter of 2018. (3) 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 March 31, 2019 2018 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 30,417 $ 30,449 Homebuilding North East 4,727 4,180 Homebuilding Mid East 9,015 7,973 Homebuilding South East 10,400 8,098 Total $ 54,559 $ 50,700 March 31, 2019 December 31, 2018 Assets: Homebuilding Mid Atlantic $ 1,043,004 $ 1,018,953 Homebuilding North East 146,750 144,412 Homebuilding Mid East 294,293 290,815 Homebuilding South East 333,075 332,468 Mortgage Banking 487,148 517,075 Total segment assets 2,304,270 2,303,723 Reconciling items: Cash and cash equivalents 805,195 688,783 Deferred taxes 115,160 112,333 Intangible assets and goodwill 49,950 49,989 Operating lease right-of-use assets 65,519 — Contract land deposit reserve (28,266 ) (29,216 ) Consolidation adjustments and other 50,943 40,321 Reconciling items sub-total 1,058,501 862,210 Consolidated assets $ 3,362,771 $ 3,165,933

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2019
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 values of our Senior Notes as of March 31, 2019 and December 31, 2018 were $616,500 and $594,000 , respectively. 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 values at March 31, 2019 and December 31, 2018 were $597,836 and $597,681 , respectively. Except as otherwise noted below, we believe that insignificant differences exist between the carrying value and the fair value of our financial instruments, which consist primarily of cash equivalents, due to their short term nature. Derivative Instruments and Mortgage Loans Held for Sale In the normal course of business, our wholly-owned mortgage subsidiary, NVR Mortgage Finance, Inc. (“NVRM”), enters into contractual commitments to extend credit to our 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 March 31, 2019 , there were contractual commitments to extend credit to borrowers aggregating $801,302 and open forward delivery contracts aggregating $1,117,669 , 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 $422,557 included on the accompanying condensed consolidated balance sheet has been increased by $12,243 from the aggregate principal balance of $410,314 . As of December 31, 2018 , the fair value of loans held for sale of $458,324 were increased by $10,880 from the aggregate principal balance of $447,444 . The fair value measurement of NVRM's undesignated derivative instruments was as follows: March 31, 2019 December 31, 2018 Rate lock commitments: Gross assets $ 18,437 $ 13,831 Gross liabilities 149 345 Net rate lock commitments $ 18,288 $ 13,486 Forward sales contracts: Gross assets $ 312 $ 64 Gross liabilities 7,625 10,121 Net forward sales contracts $ (7,313 ) $ (10,057 ) As of both March 31, 2019 and December 31, 2018 , the net rate lock commitments are reported in mortgage banking "Other assets" and the net forward sales contracts are reported in mortgage banking "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. The fair value measurement adjustment as of March 31, 2019 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 $ 801,302 $ 4,554 $ 5,514 $ 8,220 $ — $ 18,288 Forward sales contracts $ 1,117,669 — — — (7,313 ) (7,313 ) Mortgages held for sale $ 410,314 2,560 4,659 5,024 — 12,243 Total fair value measurement $ 7,114 $ 10,173 $ 13,244 $ (7,313 ) $ 23,218 The total fair value measurement adjustment as of December 31, 2018 was $14,309 . For the three months ended March 31, 2019 and 2018 , NVRM recorded a fair value adjustment to income of $8,909 and $4,014 , 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	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt Senior Notes As of March 31, 2019 , we 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 We have an unsecured Credit Agreement (the “Credit Agreement”), which provides for aggregate revolving loan commitments of $200,000 (the “Facility”). Under the Credit Agreement, we 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 $9,100 was outstanding at March 31, 2019 , 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 March 31, 2019 . 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. Amounts outstanding under the Repurchase Agreement are collateralized by the Company’s mortgage loans held for sale. The Repurchase Agreement expires on July 24, 2019 . At March 31, 2019 , there were no borrowing base limitations reducing the amount available under the Repurchase Agreement. There was no debt outstanding under the Repurchase Agreement at March 31, 2019 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are involved in various 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 our financial position, results of operations or cash flows. Legal costs incurred in connection with outstanding litigation are expensed as incurred.

Leases Leases

Leases Leases	3 Months Ended
	Mar. 31, 2019
Lease Expense [Abstract]
Lessee, Finance Leases [Text Block]	Leases We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Our leases have remaining lease terms of up to 10 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the lease. On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) , which requires lessees to recognize most leases on the balance sheet as ROU assets with corresponding lease liabilities. See Note 1 for additional discussion regarding the adoption of Topic 842. The ROU assets and lease liabilities are recognized based on the present value of lease payments over the lease term, discounted using our incremental borrowing rate at the commencement date of the lease. We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). We elected to exclude these leases from the recognition requirements under Topic 842, and these leases have not been included in our recognized ROU assets and lease liabilities. We entered into a finance lease for production equipment on March 29, 2019. The finance lease is recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. We did not incur any lease cost for the finance lease which commenced on March 29, 2019. The components of lease expense were as follows: Three Months Ended March 31, 2019 Lease expense Operating lease expense $ 7,560 Short-term lease expense 5,605 Total lease expense $ 13,165 Other information related to leases was as follows: Three Months Ended March 31, 2019 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 6,563 ROU assets obtained in exchange for lease obligations: Operating leases $ 5,980 Finance leases $ 535 Weighted-average remaining lease term (in years): Operating leases 4.8 Finance leases 7.0 Weighted-average discount rate: Operating leases 3.7 % Finance leases 3.4 % We are committed under multiple non-cancellable operating and finance leases involving office space, model homes, production facilities, automobiles and equipment. Future minimum lease payments under these leases as of March 31, 2019 were as follows: Years Ending December 31, Operating Leases Finance Leases 2019 $ 24,838 $ 51 2020 22,182 69 2021 17,123 69 2022 13,423 69 2023 9,917 69 Thereafter 14,347 292 Total minimum lease payments 101,830 619 Less: Imputed interest (8,732 ) (84 ) Short-term lease payments (6,899 ) — Total lease liability $ 86,199 $ 535
Lessee, Operating Leases [Text Block]	Leases We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Our leases have remaining lease terms of up to 10 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the lease. On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) , which requires lessees to recognize most leases on the balance sheet as ROU assets with corresponding lease liabilities. See Note 1 for additional discussion regarding the adoption of Topic 842. The ROU assets and lease liabilities are recognized based on the present value of lease payments over the lease term, discounted using our incremental borrowing rate at the commencement date of the lease. We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). We elected to exclude these leases from the recognition requirements under Topic 842, and these leases have not been included in our recognized ROU assets and lease liabilities. We entered into a finance lease for production equipment on March 29, 2019. The finance lease is recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. We did not incur any lease cost for the finance lease which commenced on March 29, 2019. The components of lease expense were as follows: Three Months Ended March 31, 2019 Lease expense Operating lease expense $ 7,560 Short-term lease expense 5,605 Total lease expense $ 13,165 Other information related to leases was as follows: Three Months Ended March 31, 2019 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 6,563 ROU assets obtained in exchange for lease obligations: Operating leases $ 5,980 Finance leases $ 535 Weighted-average remaining lease term (in years): Operating leases 4.8 Finance leases 7.0 Weighted-average discount rate: Operating leases 3.7 % Finance leases 3.4 % We are committed under multiple non-cancellable operating and finance leases involving office space, model homes, production facilities, automobiles and equipment. Future minimum lease payments under these leases as of March 31, 2019 were as follows: Years Ending December 31, Operating Leases Finance Leases 2019 $ 24,838 $ 51 2020 22,182 69 2021 17,123 69 2022 13,423 69 2023 9,917 69 Thereafter 14,347 292 Total minimum lease payments 101,830 619 Less: Imputed interest (8,732 ) (84 ) Short-term lease payments (6,899 ) — Total lease liability $ 86,199 $ 535

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate for the three months ended March 31, 2019 was 13.8% , compared to 13.1% for the three months ended March 31, 2018 . In both periods, our effective tax rate was favorably impacted by the recognition of income tax benefits related to excess tax benefits from stock option exercises, which totaled $28,478 and $19,567 for the three months ended March 31, 2019 and 2018 , respectively.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the 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 us as of January 1, 2020. We do not believe that the adoption of this standard will have a material effect on our consolidated financial statements and related disclosures. In January 2017, the 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 us on January 1, 2020, and early adoption is permitted. We do not believe that the adoption of this standard will have a material effect on our consolidated financial statements and related disclosures.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	Recently Adopted Accounting Pronouncements On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) , which requires the recognition of our leases on the balance sheet as right-of-use ("ROU") assets and lease liabilities. We elected to adopt Topic 842 using the effective date transition method, which permits us to apply the new standard prospectively and present comparative years under legacy GAAP. In adoption of the standard, we also elected the following: • to apply the package of practical expedients during transition, under which we were not required to reassess as of the date of adoption (i) whether any of our contracts are or contain leases, (ii) the classifications of our leases, and (iii) any initial direct costs related to those leases. • to exclude leases with an initial lease term of 12 months or less from the recognition requirements under Topic 842. • to utilize the portfolio approach for certain office equipment leases, grouping leases by asset type which have similar lease terms and payment schedules. Upon adoption, on January 1, 2019 we recorded a lease liability of $85,516 and a ROU asset of $79,345 , which was recorded net of previously recognized straight-line operating lease adjustments on existing leases. The adoption of Topic 842 did not have an impact on our recognition of lease expense. See additional lease disclosures in Note 13. Recent Accounting Pronouncements In June 2016, the 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 us as of January 1, 2020. We do not believe that the adoption of this standard will have a material effect on our consolidated financial statements and related disclosures. In January 2017, the 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 us on January 1, 2020, and early adoption is permitted. We do not believe that the adoption of this standard will have a material effect on our consolidated financial statements and related disclosures.

Variable Interest Entities ("_2

Variable Interest Entities ("VIEs") (Tables)	3 Months Ended
	Mar. 31, 2019
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Total Risk of Loss Related to Contract Land Deposits	total risk of loss related to contract land deposits as of March 31, 2019 and December 31, 2018 was as follows: March 31, 2019 December 31, 2018 Contract land deposits $ 417,598 $ 425,393 Loss reserve on contract land deposits (28,266 ) (29,216 ) Contract land deposits, net 389,332 396,177 Contingent obligations in the form of letters of credit 4,009 3,923 Specific performance obligations (1) 1,505 1,505 Total risk of loss $ 394,846 $ 401,605 (1) As of both March 31, 2019 and December 31, 2018 , we were committed to purchase 10 finished lots under specific performance obligations.

Capitalized Interest (Tables)

Capitalized Interest (Tables)	3 Months Ended
	Mar. 31, 2019
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Abstract]
Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales	The following table reflects the changes in our capitalized interest during the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 Interest capitalized, beginning of period $ 4,154 $ 5,583 Interest incurred 6,499 6,595 Interest charged to interest expense (6,215 ) (6,282 ) Interest charged to cost of sales (298 ) (351 ) Interest capitalized, end of period $ 4,140 $ 5,545

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2019
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 months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 Weighted average number of shares outstanding used to calculate basic EPS 3,607 3,675 Dilutive securities: Stock options and restricted share units 348 545 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,955 4,220
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following non-qualified stock options ("Options") issued under equity incentive plans were outstanding during the three months ended March 31, 2019 and 2018 , but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Three Months Ended March 31, 2019 2018 Anti-dilutive securities 363 15

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Equity [Abstract]
Summary of Changes in Shareholders' Equity	A summary of changes in shareholders’ equity for the three months ended March 31, 2019 is presented below: Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Deferred Compensation Trust Deferred Compensation Liability Total Balance, December 31, 2018 $ 206 $ 1,820,223 $ 7,031,333 $ (7,043,200 ) $ (16,937 ) $ 16,937 $ 1,808,562 Net income — — 188,406 — — — 188,406 Deferred compensation activity, net — — — — 25 (25 ) — Purchase of common stock for treasury — — — (216,499 ) — — (216,499 ) Equity-based compensation — 19,333 — — — — 19,333 Proceeds from Options exercised — 98,974 — — — — 98,974 Treasury stock issued upon option exercise and restricted share vesting — (39,430 ) — 39,430 — — — Balance, March 31, 2019 $ 206 $ 1,899,100 $ 7,219,739 $ (7,220,269 ) $ (16,912 ) $ 16,912 $ 1,898,776	A summary of changes in shareholders’ equity for the three months ended March 31, 2018 is presented below: Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Deferred Compensation Trust Deferred Compensation Liability Total Balance, December 31, 2017 $ 206 $ 1,644,197 $ 6,231,940 $ (6,270,851 ) $ (17,383 ) $ 17,383 $ 1,605,492 Cumulative-effect adjustment from adoption of ASU 2014-09, net of tax — — 2,196 — — — 2,196 Net income — — 166,049 — — — 166,049 Deferred compensation activity, net — — — — (6 ) 6 — Purchase of common stock for treasury — — — (357,242 ) — — (357,242 ) Equity-based compensation — 9,509 — — — — 9,509 Proceeds from Options exercised — 40,804 — — — — 40,804 Treasury stock issued upon option exercise and restricted share vesting — (16,410 ) — 16,410 — — — Balance, March 31, 2018 $ 206 $ 1,678,100 $ 6,400,185 $ (6,611,683 ) $ (17,389 ) $ 17,389 $ 1,466,808
Shareholders' Equity	Shareholders’ Equity A summary of changes in shareholders’ equity for the three months ended March 31, 2019 is presented below: Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Deferred Compensation Trust Deferred Compensation Liability Total Balance, December 31, 2018 $ 206 $ 1,820,223 $ 7,031,333 $ (7,043,200 ) $ (16,937 ) $ 16,937 $ 1,808,562 Net income — — 188,406 — — — 188,406 Deferred compensation activity, net — — — — 25 (25 ) — Purchase of common stock for treasury — — — (216,499 ) — — (216,499 ) Equity-based compensation — 19,333 — — — — 19,333 Proceeds from Options exercised — 98,974 — — — — 98,974 Treasury stock issued upon option exercise and restricted share vesting — (39,430 ) — 39,430 — — — Balance, March 31, 2019 $ 206 $ 1,899,100 $ 7,219,739 $ (7,220,269 ) $ (16,912 ) $ 16,912 $ 1,898,776 A summary of changes in shareholders’ equity for the three months ended March 31, 2018 is presented below: Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Deferred Compensation Trust Deferred Compensation Liability Total Balance, December 31, 2017 $ 206 $ 1,644,197 $ 6,231,940 $ (6,270,851 ) $ (17,383 ) $ 17,383 $ 1,605,492 Cumulative-effect adjustment from adoption of ASU 2014-09, net of tax — — 2,196 — — — 2,196 Net income — — 166,049 — — — 166,049 Deferred compensation activity, net — — — — (6 ) 6 — Purchase of common stock for treasury — — — (357,242 ) — — (357,242 ) Equity-based compensation — 9,509 — — — — 9,509 Proceeds from Options exercised — 40,804 — — — — 40,804 Treasury stock issued upon option exercise and restricted share vesting — (16,410 ) — 16,410 — — — Balance, March 31, 2018 $ 206 $ 1,678,100 $ 6,400,185 $ (6,611,683 ) $ (17,389 ) $ 17,389 $ 1,466,808 We repurchased approximately 82 and 116 shares of our common stock during the three months ended March 31, 2019 and 2018, respectively. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. Approximately 95 and 44 shares were issued from the treasury account during the three months ended March 31, 2019 and 2018, respectively, in settlement of Option exercises and vesting of RSUs. Shares are relieved from the treasury account based on the weighted average cost basis of treasury shares acquired.

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Mar. 31, 2019
Product Warranties Disclosures [Abstract]
Summary of Changes in Product Warranties Reserve	The following table reflects the changes in our Warranty Reserve during the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 Warranty reserve, beginning of period $ 103,700 $ 94,513 Provision 11,823 11,527 Payments (12,671 ) (10,434 ) Warranty reserve, end of period $ 102,852 $ 95,606

Segment Disclosures (Tables)

Segment Disclosures (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 2018 Revenues: Homebuilding Mid Atlantic $ 881,324 $ 842,496 Homebuilding North East 122,627 122,714 Homebuilding Mid East 338,549 290,237 Homebuilding South East 300,706 234,646 Mortgage Banking 43,805 39,321 Total consolidated revenues $ 1,687,011 $ 1,529,414
Profit before Taxes	Three Months Ended March 31, 2019 2018 Income before taxes: Homebuilding Mid Atlantic $ 99,364 $ 91,047 Homebuilding North East 11,460 15,704 Homebuilding Mid East 35,475 27,211 Homebuilding South East 35,036 23,237 Mortgage Banking 29,558 22,550 Total segment profit before taxes 210,893 179,749 Reconciling items: Contract land deposit reserve adjustment (1) 950 2,128 Equity-based compensation expense (2) (19,333 ) (9,509 ) Corporate capital allocation (3) 54,559 50,700 Unallocated corporate overhead (31,735 ) (31,284 ) Consolidation adjustments and other 9,247 5,201 Corporate interest expense (5,974 ) (5,987 ) Reconciling items sub-total 7,714 11,249 Consolidated income before taxes $ 218,607 $ 190,998 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. (2) The increase in equity-based compensation expense for the three month period ended March 31, 2019 was primarily attributable to the equity grant in the second quarter of 2018. (3) 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 March 31, 2019 2018 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 30,417 $ 30,449 Homebuilding North East 4,727 4,180 Homebuilding Mid East 9,015 7,973 Homebuilding South East 10,400 8,098 Total $ 54,559 $ 50,700
Assets	March 31, 2019 December 31, 2018 Assets: Homebuilding Mid Atlantic $ 1,043,004 $ 1,018,953 Homebuilding North East 146,750 144,412 Homebuilding Mid East 294,293 290,815 Homebuilding South East 333,075 332,468 Mortgage Banking 487,148 517,075 Total segment assets 2,304,270 2,303,723 Reconciling items: Cash and cash equivalents 805,195 688,783 Deferred taxes 115,160 112,333 Intangible assets and goodwill 49,950 49,989 Operating lease right-of-use assets 65,519 — Contract land deposit reserve (28,266 ) (29,216 ) Consolidation adjustments and other 50,943 40,321 Reconciling items sub-total 1,058,501 862,210 Consolidated assets $ 3,362,771 $ 3,165,933

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Undesignated Derivative Instruments	The fair value measurement of NVRM's undesignated derivative instruments was as follows: March 31, 2019 December 31, 2018 Rate lock commitments: Gross assets $ 18,437 $ 13,831 Gross liabilities 149 345 Net rate lock commitments $ 18,288 $ 13,486 Forward sales contracts: Gross assets $ 312 $ 64 Gross liabilities 7,625 10,121 Net forward sales contracts $ (7,313 ) $ (10,057 )
Fair Value Measurement	The fair value measurement adjustment as of March 31, 2019 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 $ 801,302 $ 4,554 $ 5,514 $ 8,220 $ — $ 18,288 Forward sales contracts $ 1,117,669 — — — (7,313 ) (7,313 ) Mortgages held for sale $ 410,314 2,560 4,659 5,024 — 12,243 Total fair value measurement $ 7,114 $ 10,173 $ 13,244 $ (7,313 ) $ 23,218

Leases Leases (Tables)

Leases Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Lessee, Lease, Description [Line Items]
Lease, Cost [Table Text Block]	We did not incur any lease cost for the finance lease which commenced on March 29, 2019. The components of lease expense were as follows: Three Months Ended March 31, 2019 Lease expense Operating lease expense $ 7,560 Short-term lease expense 5,605 Total lease expense $ 13,165 Other information related to leases was as follows: Three Months Ended March 31, 2019 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 6,563 ROU assets obtained in exchange for lease obligations: Operating leases $ 5,980 Finance leases $ 535 Weighted-average remaining lease term (in years): Operating leases 4.8 Finance leases 7.0 Weighted-average discount rate: Operating leases 3.7 % Finance leases 3.4 %
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	We are committed under multiple non-cancellable operating and finance leases involving office space, model homes, production facilities, automobiles and equipment. Future minimum lease payments under these leases as of March 31, 2019 were as follows: Years Ending December 31, Operating Leases Finance Leases 2019 $ 24,838 $ 51 2020 22,182 69 2021 17,123 69 2022 13,423 69 2023 9,917 69 Thereafter 14,347 292 Total minimum lease payments 101,830 619 Less: Imputed interest (8,732 ) (84 ) Short-term lease payments (6,899 ) — Total lease liability $ 86,199 $ 535
Finance Lease, Liability, Maturity [Table Text Block]	We are committed under multiple non-cancellable operating and finance leases involving office space, model homes, production facilities, automobiles and equipment. Future minimum lease payments under these leases as of March 31, 2019 were as follows: Years Ending December 31, Operating Leases Finance Leases 2019 $ 24,838 $ 51 2020 22,182 69 2021 17,123 69 2022 13,423 69 2023 9,917 69 Thereafter 14,347 292 Total minimum lease payments 101,830 619 Less: Imputed interest (8,732 ) (84 ) Short-term lease payments (6,899 ) — Total lease liability $ 86,199 $ 535

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Liability	$ 86,199	$ 86
Cumulative-effect adjustment from adoption of ASU 2014-09, net of tax					$ 2,196
Operating Lease, Right-of-Use Asset		$ 79
Retained Earnings [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment from adoption of ASU 2014-09, net of tax					2,196
Other Assets [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract cost	16,300		$ 17,000
Home Building [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Liability	72,965		0
Customer deposits	142,634		138,246
Restricted cash and cash equivalents	19,609		16,982
Operating Lease, Right-of-Use Asset	65,519		0
Consolidated Joint Venture [Member] | Home Building [Member] | Other Assets [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash and cash equivalents	$ 300		$ 320	$ 1,148	$ 1,069

Variable Interest Entities ("_3

Variable Interest Entities ("VIEs") - Additional Information (Detail) $ in Thousands	Mar. 31, 2019USD ($)lot	Dec. 31, 2018USD ($)
Variable Interest Entity [Line Items]
Contract land deposits in cash	$ 417,598	$ 425,393
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	94,500
Contract land deposits in cash under lot purchase Agreements	$ 415,600
Letters of credit related to lots	$ 3,900
Contract on Raw Ground with Landowners [Member]
Variable Interest Entity [Line Items]
Lots controlled by NVR | lot	7,700
Contract land deposits in cash	$ 2,000
Letters of credit related to land contract	100
Refundable deposits and letters of credit	$ 1,700

Variable Interest Entities ("_4

Variable Interest Entities ("VIEs") - Total Risk of Loss Related to Contract Land Deposits (Detail) $ in Thousands	Mar. 31, 2019USD ($)lot	Dec. 31, 2018USD ($)lot
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Contract land deposits	$ 417,598	$ 425,393
Loss reserve on contract land deposits	(28,266)	(29,216)
Contract land deposits, net	389,332	396,177
Contingent obligations in the form of letters of credit	4,009	3,923
Specific performance obligations	1,505	1,505
Total risk of loss	$ 394,846	$ 401,605
Finished lots committed to purchase under specific performance obligations | lot	10	10

Joint Ventures - Additional Inf

Joint Ventures - Additional Information (Detail) $ in Thousands	Mar. 31, 2019USD ($)joint_venturelot	Dec. 31, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Joint Ventures [Line Items]
Aggregate investment	$ 31,100
Number of joint ventures | joint_venture	6
Expected production of finished lots | lot	6,700
Total lots controlled by company under the joint venture | lot	3,300
Total lots either under contract with unrelated parties or not under the current contract | lot	3,400
Additional funding commitments in the aggregate	$ 4,700
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	$ 31,100	$ 29,400
Home Building [Member]
Joint Ventures [Line Items]
Restricted cash and cash equivalents	19,609	16,982
Accrued expenses and other liabilities	310,880	332,871
Consolidated Joint Venture [Member] | Home Building [Member] | Other Assets [Member]
Joint Ventures [Line Items]
Restricted cash and cash equivalents	300	$ 320	$ 1,148	$ 1,069
Consolidated Joint Venture [Member] | Home Building [Member] | Accounts Payable and Accrued Liabilities [Member]
Joint Ventures [Line Items]
Accrued expenses and other liabilities	$ 264

Land Under Development - Additi

Land Under Development - Additional Information (Detail) $ in Thousands	Mar. 31, 2019USD ($)parcellot
Real Estate [Abstract]
Number of raw parcels of land owned | parcel	3
Carrying value of raw parcels of land	$ 37,781
Number of finished lots expected to be developed from raw parcels of land | lot	500
Aggregate additional funding commitments related to raw land property under joint development	$ 6,700
Expected development credits that will offset the aggregate additional funding commitments related to raw land property development	$ 4,100

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
	Mar. 31, 2019	Mar. 31, 2018
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Roll Forward]
Interest capitalized, beginning of period	$ 4,154	$ 5,583
Interest incurred	6,499	6,595
Interest expense	(6,215)	(6,282)
Interest charged to cost of sales	(298)	(351)
Interest capitalized, end of period	$ 4,140	$ 5,545

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
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS (in shares)	3,607	3,675
Dilutive securities:
Stock options and restricted share units (in shares)	348	545
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS (in shares)	3,955	4,220

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
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Anti-dilutive securities (in shares)	363	15

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Changes in Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 1,808,562	$ 1,605,492
Cumulative-effect adjustment from adoption of ASU 2014-09, net of tax			$ 2,196
Net income	188,406	166,049
Purchase of common stock for treasury	(216,499)	(357,242)
Equity-based compensation	19,333	9,509
Proceeds from Options exercised	98,974	40,804
Ending Balance	1,898,776	1,466,808
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	206	206
Ending Balance	206	206
Additional Paid-In-Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	1,820,223	1,644,197
Equity-based compensation	19,333	9,509
Proceeds from Options exercised	98,974	40,804
Treasury stock issued upon option exercise and restricted share vesting	(39,430)	(16,410)
Ending Balance	1,899,100	1,678,100
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	7,031,333	6,231,940
Cumulative-effect adjustment from adoption of ASU 2014-09, net of tax			$ 2,196
Net income	188,406	166,049
Ending Balance	7,219,739	6,400,185
Treasury Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(7,043,200)	(6,270,851)
Purchase of common stock for treasury	(216,499)	(357,242)
Treasury stock issued upon option exercise and restricted share vesting	39,430	16,410
Ending Balance	(7,220,269)	(6,611,683)
Deferred Compensation Trust [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(16,937)	(17,383)
Deferred compensation activity, net	25	(6)
Ending Balance	(16,912)	(17,389)
Deferred Compensation Liability [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	16,937	17,383
Deferred compensation activity, net	(25)	6
Ending Balance	$ 16,912	$ 17,389

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Equity [Abstract]
Common stock repurchased (in shares)	82	116
Reissued shares during the period, shares (in shares)	95	44

Product Warranties Product Warr

Product Warranties Product Warranties - Schedule of Product Warranties Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Warranty reserve, beginning of period	$ 103,700	$ 94,513
Provision	11,823	11,527
Payments	(12,671)	(10,434)
Warranty reserve, end of period	$ 102,852	$ 95,606

Segment Disclosures - Additiona

Segment Disclosures - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019segment
Senior Notes due 2022 [Member]
Segment Reporting Information [Line Items]
Senior notes interest rate	3.95%
Senior notes maturity	Sep. 15, 2022
Home Building [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
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 1,687,011	$ 1,529,414
Home Building [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,643,206	1,490,093
Home Building [Member] | Mid Atlantic [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	881,324	842,496
Home Building [Member] | North East [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	122,627	122,714
Home Building [Member] | Mid East [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	338,549	290,237
Home Building [Member] | South East [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	300,706	234,646
Mortgage Banking [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 43,805	$ 39,321

Segment Disclosures - Income be

Segment Disclosures - Income before Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	$ 218,607	$ 190,998
Equity-based compensation expense (2)	(19,333)	(9,509)
Corporate interest expense	(6,215)	(6,282)
Home Building [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	188,410	168,570
Corporate interest expense	(5,993)	(6,007)
Mortgage Banking [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	30,197	22,428
Corporate interest expense	(222)	(275)
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	210,893	179,749
Operating Segments [Member] | Home Building [Member] | Mid Atlantic [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	99,364	91,047
Operating Segments [Member] | Home Building [Member] | North East [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	11,460	15,704
Operating Segments [Member] | Home Building [Member] | Mid East [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	35,475	27,211
Operating Segments [Member] | Home Building [Member] | South East [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	35,036	23,237
Operating Segments [Member] | Mortgage Banking [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	29,558	22,550
Corporate and Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	7,714	11,249
Contract land deposit reserve adjustment	950	2,128
Equity-based compensation expense (2)	(19,333)	(9,509)
Corporate capital allocation	54,559	50,700
Unallocated corporate overhead	(31,735)	(31,284)
Consolidation adjustments and other	9,247	5,201
Corporate interest expense	(5,974)	(5,987)
Corporate and Reconciling Items [Member] | Home Building [Member] | Mid Atlantic [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	30,417	30,449
Corporate and Reconciling Items [Member] | Home Building [Member] | North East [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	4,727	4,180
Corporate and Reconciling Items [Member] | Home Building [Member] | Mid East [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	9,015	7,973
Corporate and Reconciling Items [Member] | Home Building [Member] | South East [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	$ 10,400	$ 8,098

Segment Disclosures - Corporate

Segment Disclosures - Corporate Capital Allocation Charge (Detail) - Corporate and Reconciling Items [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 54,559	$ 50,700
Home Building [Member] | Mid Atlantic [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	30,417	30,449
Home Building [Member] | North East [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	4,727	4,180
Home Building [Member] | Mid East [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	9,015	7,973
Home Building [Member] | South East [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 10,400	$ 8,098

Segment Disclosures - Assets (D

Segment Disclosures - Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 3,362,771		$ 3,165,933
Operating Lease, Right-of-Use Asset		$ 79
Contract land deposit reserve	(28,266)		(29,216)
Home Building [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,868,276		2,641,511
Cash and cash equivalents	805,195		688,783
Operating Lease, Right-of-Use Asset	65,519		0
Mortgage Banking [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	494,495		524,422
Cash and cash equivalents	11,258		23,092
Operating Lease, Right-of-Use Asset	12,370		0
Operating Segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,304,270		2,303,723
Operating Segments [Member] | Home Building [Member] | Mid Atlantic [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,043,004		1,018,953
Operating Segments [Member] | Home Building [Member] | North East [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	146,750		144,412
Operating Segments [Member] | Home Building [Member] | Mid East [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	294,293		290,815
Operating Segments [Member] | Home Building [Member] | South East [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	333,075		332,468
Operating Segments [Member] | Mortgage Banking [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	487,148		517,075
Corporate and Reconciling Items [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,058,501		862,210
Cash and cash equivalents	805,195		688,783
Deferred taxes	115,160		112,333
Intangible assets and goodwill	49,950		49,989
Operating Lease, Right-of-Use Asset	65,519		0
Contract land deposit reserve	(28,266)		(29,216)
Consolidation adjustments and other	$ 50,943		$ 40,321

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)	$ 23,218		$ 14,309
Home Building [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	597,836		597,681
Home Building [Member] | Senior Notes due 2022 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	597,836		597,681
Home Building [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	616,500		594,000
Mortgage Banking [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group	422,557		458,324
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)	8,909	$ 4,014
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	801,302
Total fair value measurement gain/(loss)	18,288
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	1,117,669
Total fair value measurement gain/(loss)	(7,313)
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	410,314		447,444
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group	422,557		$ 458,324
Total fair value measurement gain/(loss)	$ 12,243	$ 10,880

Fair Value - Undesignated Deriv

Fair Value - Undesignated Derivative Instruments (Detail) - Other Assets [Member] - Mortgage Banking [Member] - Level 2 [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Rate Lock Commitments [Member]
Derivatives, Fair Value [Line Items]
Gross assets	$ 18,437	$ 13,831
Gross liabilities	149	345
Net rate lock commitments and forward sales contracts	18,288	13,486
Forward Sales Contracts [Member]
Derivatives, Fair Value [Line Items]
Gross assets	312	64
Gross liabilities	7,625	10,121
Net rate lock commitments and forward sales contracts	$ (7,313)	$ (10,057)

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurement (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain/(Loss) From Loan Sale	$ 7,114
Interest Rate Movement Effect	10,173
Servicing Rights Value	13,244
Security Price Change	(7,313)
Total Fair Value Measurement Gain/(Loss)	23,218		$ 14,309
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	801,302
Assumed Gain/(Loss) From Loan Sale	4,554
Interest Rate Movement Effect	5,514
Servicing Rights Value	8,220
Total Fair Value Measurement Gain/(Loss)	18,288
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	1,117,669
Security Price Change	(7,313)
Total Fair Value Measurement Gain/(Loss)	(7,313)
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	410,314		$ 447,444
Assumed Gain/(Loss) From Loan Sale	2,560
Interest Rate Movement Effect	4,659
Servicing Rights Value	5,024
Total Fair Value Measurement Gain/(Loss)	$ 12,243	$ 10,880

Debt - Additional Information (

Debt - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019USD ($)
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	9,100,000
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
Expiration date	Jul. 24, 2019
Debt outstanding	$ 0
Borrowing base limitations	$ 0

Leases Lease Expense (Details)

Leases Lease Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating Lease, Expense	$ 7,560
Short-term Lease Payments	5,605
Lease, Cost	$ 13,165

Leases Leases - Supplemental In

Leases Leases - Supplemental Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating Lease, Payments	$ 6,563
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	5,980
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 535
Operating Lease, Weighted Average Remaining Lease Term	4 years 9 months 21 days
Finance Lease, Weighted Average Remaining Lease Term	7 years
Operating Lease, Weighted Average Discount Rate, Percent	3.70%
Finance Lease, Weighted Average Discount Rate, Percent	3.40%

Leases Leases (Details)

Leases Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Liability, Payments, Due Year Two	$ 22,182
Lessee, Operating Lease, Liability, Payments, Due Year Three	17,123
Lessee, Operating Lease, Liability, Payments, Due Year Four	13,423
Lessee, Operating Lease, Liability, Payments, Due Year Five	9,917
Lessee, Operating Lease, Liability, Payments, Due after Year Five	14,347
Lessee, Operating Lease, Liability, Payments, Due	101,830
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(8,732)
Operating Lease, Liability	$ 86,199	$ 86
Lessee, Operating Lease, Option to Extend	P10Y0M0D
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 24,838
Lessee, Operating Lease, Term of Contract	10 years
Finance Lease, Liability, Payments, Remainder of Fiscal Year	$ 51
Finance Lease, Liability, Payments, Due Year Two	69
Finance Lease, Liability, Payments, Due Year Three	69
Finance Lease, Liability, Payments, Due Year Four	69
Finance Lease, Liability, Payments, Due Year Five	69
Finance Lease, Liability, Payments, Due after Year Five	292
Finance Lease, Liability, Payments, Due	619
Finance Lease, Liability, Undiscounted Excess Amount	(84)
Finance Lease, Liability	535
Operating Leases [Member]
Lessee, Lease, Description [Line Items]
Short-term Lease Commitment, Amount	(6,899)
Finance Leases [Member]
Lessee, Lease, Description [Line Items]
Short-term Lease Commitment, Amount	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax [Line Items]
Effective tax rate	13.80%	13.10%
Income tax expense (benefit)	$ 30,201	$ 24,949
Excess tax benefit recognized	$ 28,478	$ 19,567