NVR (NVR) 10-Q 4 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-12378
Entity Registrant Name	NVR, Inc.
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1394360
Entity Address, Address Line One	11700 Plaza America Drive
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Reston
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20190
City Area Code	703
Local Phone Number	956-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	NVR
Security Exchange Name	NYSE
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,195,887
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000906163
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Contract land deposits, net	$ 521,572	$ 497,139
Total assets	5,389,534	5,834,475
Inventory:
Land under development	15,230
LIABILITIES AND SHAREHOLDERS' EQUITY
Total liabilities	2,304,695	2,832,097
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, 2022 and December 31, 2021	206	206
Additional paid-in capital	2,538,812	2,378,191
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both September 30, 2022 and December 31, 2021	(16,710)	(16,710)
Deferred compensation liability	16,710	16,710
Retained earnings	11,318,646	10,047,839
Less treasury stock at cost – 17,343,353 and 17,107,889 shares as of September 30, 2022 and December 31, 2021, respectively	(10,772,825)	(9,423,858)
Total shareholders' equity	3,084,839	3,002,378
Total liabilities and shareholders' equity	5,389,534	5,834,475
Mortgage Banking
ASSETS
Cash and cash equivalents	18,431	28,398
Restricted cash	2,924	2,519
Mortgage loans held for sale, net	316,094	302,192
Property, plant and equipment, net	3,250	3,658
Operating lease right-of-use assets	14,534	9,758
Goodwill	7,347	7,347
Other assets	109,060	25,160
Total assets	471,640	379,032
LIABILITIES AND SHAREHOLDERS' EQUITY
Operating lease liabilities	15,405	10,437
Accounts payable and other liabilities	102,101	51,394
Total liabilities	117,506	61,831
Home Building Segment
ASSETS
Cash and cash equivalents	1,748,506	2,545,069
Restricted cash	51,239	60,730
Receivables	28,378	18,552
Contract land deposits, net	521,572	497,139
Property, plant and equipment, net	55,982	56,979
Operating lease right-of-use assets	69,933	59,010
Goodwill	41,580	41,580
Other assets	230,255	229,018
Total assets	4,917,894	5,455,443
Inventory:
Lots and housing units, covered under sales agreements with customers	1,931,639	1,777,862
Unsold lots and housing units	194,882	127,434
Land under development	15,230	12,147
Building materials and other	28,698	29,923
Total Inventory	2,170,449	1,947,366
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	393,941	336,560
Accrued expenses and other liabilities	427,072	435,860
Customer deposits	376,160	417,463
Operating lease liabilities	74,670	64,128
Senior notes	915,346	1,516,255
Total liabilities	$ 2,187,189	$ 2,770,266

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	60,000,000	60,000,000
Common stock, shares issued (in shares)	20,555,330	20,555,330
Deferred compensation trust (in shares)	106,697	106,697
Treasury stock (in shares)	17,343,353	17,107,889

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues	$ 2,776,900	$ 2,395,640	$ 7,814,252	$ 6,720,684
Interest expense	(7,202)	(13,243)	(32,625)	(39,910)
Income before taxes	538,515	434,127	1,678,472	1,163,598
Income tax expense	(127,122)	(102,046)	(407,665)	(261,460)
Net income	$ 411,393	$ 332,081	$ 1,270,807	$ 902,138
Basic earnings per share (USD per share)	$ 125.97	$ 93.25	$ 383.68	$ 249.30
Diluted earnings per share (USD per share)	$ 118.51	$ 86.44	$ 358.61	$ 231.75
Basic weighted average shares outstanding (in shares)	3,265,914	3,561,374	3,312,145	3,618,724
Diluted weighted average shares outstanding (in shares)	3,471,387	3,841,933	3,543,704	3,892,677
Home Building Segment
Revenues	$ 2,739,445	$ 2,336,615	$ 7,658,734	$ 6,524,886
Other income	10,211	1,496	15,446	4,714
Cost of Goods and Services Sold	2,092,457	1,817,939	5,668,549	5,117,065
Selling, general and administrative	(129,416)	(112,226)	(391,358)	(347,051)
Operating income	527,783	407,946	1,614,273	1,065,484
Interest expense	(6,854)	(12,838)	(31,510)	(38,694)
Income before taxes	520,929	395,108	1,582,763	1,026,790
Mortgage Banking
Revenues	37,455	59,025	155,518	195,798
Interest income	3,437	2,336	8,283	6,577
Other income	1,294	1,022	3,669	2,877
General and administrative	(24,252)	(22,959)	(70,646)	(67,228)
Interest expense	(348)	(405)	(1,115)	(1,216)
Income before taxes	$ 17,586	$ 39,019	$ 95,709	$ 136,808

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 1,270,807	$ 902,138
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,237	14,720
Equity-based compensation expense	58,441	42,859
Contract land deposit impairments (recoveries), net	2,482	(17,474)
Gain on sale of loans, net	(120,035)	(162,729)
Mortgage loans closed	(4,791,742)	(4,599,324)
Mortgage loans sold and principal payments on mortgage loans held for sale	4,925,431	4,918,464
Net change in assets and liabilities:
Increase in inventory	(223,083)	(154,443)
Increase in contract land deposits	(26,915)	(48,153)
Increase in receivables	(69,132)	(2,349)
Increase (decrease) in accounts payable and accrued expenses	42,087	(44,970)
(Decrease) increase in customer deposits	(41,303)	140,836
Other, net	5,131	(14,783)
Net Cash Provided by (Used in) Operating Activities	1,052,906	982,292
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(9,222)	(861)
Purchase of property, plant and equipment	(11,972)	(11,946)
Proceeds from the sale of property, plant and equipment	553	821
Net Cash Provided by (Used in) Investing Activities	(20,641)	(11,986)
Cash flows from financing activities:
Purchase of treasury stock	(1,384,193)	(1,152,855)
Repayments of Senior Debt	(600,000)	0
Principal payments on finance lease liabilities	(1,107)	(1,008)
Proceeds from the exercise of stock options	137,406	121,835
Net Cash Provided by (Used in) Financing Activities	(1,847,894)	(1,032,028)
Net decrease in cash, restricted cash, and cash equivalents	(815,629)	(61,722)
Cash, restricted cash, and cash equivalents, beginning of the period	2,636,984	2,809,782
Cash, restricted cash, and cash equivalents, end of the period	1,821,355	2,748,060
Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized	33,475	39,473
Income taxes paid during the period, net of refunds	403,875	289,850
Distribution of earnings from unconsolidated joint ventures	$ 7,500	$ 7,500

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesWe 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.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Significant Accounting Policies	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, 2021. In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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 and nine months ended September 30, 2022 and 2021, 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 September 30, 2022 and December 31, 2021 was $255 and $268, respectively, and as of September 30, 2021 and December 31, 2020 was $271 and $269, 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 on homes not settled, were $376,160 and $417,463 as of September 30, 2022 and December 31, 2021, respectively. We expect that substantially all of the customer deposits held at December 31, 2021 will be recognized in revenue in 2022. Our contract assets consist of prepaid sales compensation and totaled approximately $20,100 and $25,200, as of September 30, 2022 and December 31, 2021, respectively. Prepaid sales compensation is included in homebuilding “Other assets” on the accompanying condensed consolidated balance sheets.

Variable Interest Entities ("VI

Variable Interest Entities ("VIEs")	9 Months Ended
	Sep. 30, 2022
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Variable Interest Entities ("VIEs")	Variable Interest Entities ("VIEs") Fixed Price Finished Lot Purchase Agreements (“LPAs”) 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 LPAs. The LPAs require deposits that may be forfeited if we fail to perform under the LPAs. The deposits required under the LPAs 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. The deposit placed by us pursuant to the LPA 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 LPAs, including the joint venture limited liability corporations discussed below, are evaluated for possible consolidation by us. We have concluded that we are not the primary beneficiary of the development entities with which we enter into LPAs, and therefore, we do not consolidate any of these VIEs. As of September 30, 2022, we controlled approximately 125,600 lots under LPAs with third parties through deposits in cash and letters of credit totaling approximately $543,400 and $7,300, respectively. Our sole legal obligation and economic loss for failure to perform under these LPAs is limited to the amount of the deposit pursuant to the liquidated damage provisions contained in the LPAs and, in very limited circumstances, specific performance obligations. For the three and nine months ended September 30, 2022, we incurred pre-tax impairment charges on lot deposits of approximately $8,800 and $2,500, respectively, based on current market conditions. For the three and nine months ended September 30, 2021, we recorded a net reversal of approximately $4,100 and $17,500, respectively, related to previously impaired lot deposits. Our contract land deposit asset is shown net of a $32,240 and $30,041 impairment reserve at September 30, 2022 and December 31, 2021, respectively. In addition, we have certain properties under contract with land owners that are expected to yield approximately 23,100 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 totaling approximately $10,400 as of September 30, 2022, of which approximately $4,600 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 an LPA with the assignee if the project is determined to be feasible. Our total risk of loss related to contract land deposits is limited to the amount of the deposits pursuant to the liquidated damages provision of the LPAs. As of September 30, 2022 and December 31, 2021, our total risk of loss was as follows: September 30, 2022 December 31, 2021 Contract land deposits $ 553,812 $ 527,180 Loss reserve on contract land deposits (32,240) (30,041) Contract land deposits, net 521,572 497,139 Contingent obligations in the form of letters of credit 7,266 10,145 Total risk of loss $ 528,838 $ 507,284

Joint Ventures Joint Ventures

Joint Ventures Joint Ventures	9 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Joint Ventures	Joint VenturesOn 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 LPAs with the joint venture. We are not a borrower, guarantor or obligor on any debt of the JVs, as applicable. We enter into LPAs to purchase lots from these JVs, and as a result have a variable interest in these JVs. At September 30, 2022, we had an aggregate investment totaling approximately $27,800 in five JVs that are expected to produce approximately 5,400 finished lots, of which approximately 5,000 lots were controlled by us and the remaining approximately 400 lots were either under contract with unrelated parties or not currently under contract. We had additional funding commitments totaling approximately $13,500 to one of the JVs at September 30, 2022. We determined that we are not the primary beneficiary in four of the JVs because we and the other JV partner either share power or the other JV partner has the controlling financial interest. The aggregate investment in unconsolidated JVs was approximately $27,800 and $20,300 at September 30, 2022 and December 31, 2021, respectively, and is reported in the homebuilding “Other assets” line item on the accompanying condensed consolidated balance sheets. None of the unconsolidated JVs had any indicators of impairment as of September 30, 2022. For the remaining JV, we concluded that we are the primary beneficiary because we have the controlling financial interest in the JV. All activities under the consolidated JV have been completed and we have no remaining investment in the JV. As of September 30, 2022, the JV had remaining balances of $255 in cash and $229 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	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Land Under Development	Land Under DevelopmentOn a limited basis, we directly acquire raw land parcels already zoned for their 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 September 30, 2022, we owned land parcels with a carrying value of $15,230 that we intend to develop into approximately 800 finished lots. We have additional funding commitments of approximately $2,200 under a joint development agreement related to one parcel, a portion of which we expect will be offset by development credits of approximately $900. None of the raw parcels had any indicators of impairment as of September 30, 2022

Capitalized Interest

Capitalized Interest	9 Months Ended
	Sep. 30, 2022
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 and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Interest capitalized, beginning of period $ 680 $ 644 $ 593 $ 1,025 Interest incurred 7,118 13,263 32,721 39,977 Interest charged to interest expense (7,202) (13,243) (32,625) (39,910) Interest charged to cost of sales (32) (100) (125) (528) Interest capitalized, end of period $ 564 $ 564 $ 564 $ 564

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2022
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 ("EPS") for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Weighted average number of shares outstanding used to calculate basic EPS 3,265,914 3,561,374 3,312,145 3,618,724 Dilutive securities: Stock options and restricted share units 205,473 280,559 231,559 273,953 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,471,387 3,841,933 3,543,704 3,892,677 The following non-qualified stock options ("Options") and restricted stock units ("RSUs") issued under equity incentive plans were outstanding during the three and nine months ended September 30, 2022 and 2021, but were not included in the computation of diluted EPS because the effect would have been anti-dilutive. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Anti-dilutive securities 203,340 16,022 193,248 22,132

Compensation Related Costs, Sha

Compensation Related Costs, Share Based Payments	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Our equity-based compensation plans provide for the granting of Options and RSUs to key management employees, including executive officers and members of our Board of Directors ("Directors"). The exercise price of Options granted is equal to the closing price of our common stock on the New York Stock Exchange (the “NYSE”) on the day prior to the date of grant. Options are granted for a 10-year term and typically vest in separate tranches over periods of 3 to 6 years. RSUs generally vest in separate tranches over periods of 2 to 6 years. Grants to key management employees are generally divided such that vesting for 50% of the grant is contingent solely on continued employment, while vesting for the remaining 50% of the grant is contingent upon both continued employment and the achievement of a performance metric based on our return on capital performance relative to a peer group during a 3-year period specified on the date of grant. Grants to directors generally vest solely based on continued service as a Director. During the second quarter of 2022, we issued 165,456 Options and 16,864 RSUs in a block grant to key management employees and Directors. Block grants are generally made once every four years. Option and RSU grants for the nine month period ended September 30, 2022 totaled 170,806 and 17,906, respectively, and were granted under the NVR, Inc. 2014 Equity Incentive Plan (the "2014 Plan") and the NVR, Inc. 2018 Equity Incentive Plan (the "2018 Plan") as follows: Options Granted 2014 Plan 2018 Plan Options - service-only (1) 55,655 32,331 Options - performance-based (2) 55,655 27,165 Total Options Granted 111,310 59,496 RSUs Granted RSUs - service-only (3) — 8,976 RSUs - performance-based (4) — 8,930 Total RSUs Granted — 17,906 (1) Of the 87,986 service-only Options granted, 69,361 Options will vest in 25% increments on December 31, 2024, 2025, 2026, and 2027; 16,415 Options will vest in 50% increments on December 31, 2026 and 2027; and the remaining 2,210 Options will vest in 50% increments on December 31, 2024 and 2025. Vesting for the Options is contingent solely upon continued employment or continued service as a Director. (2) Of the 82,820 performance-based Options granted, 64,195 will vest in 25% increments on December 31, 2024, 2025, 2026, and 2027; 16,415 Options will vest in 50% increments on December 31, 2026 and 2027; and the remaining 2,210 Options will vest in 50% increments on December 31, 2024 and 2025. Vesting for the performance-based Options is contingent upon both continued employment and the Company's return on capital performance during 2022 through 2024. (3) Of the 8,976 service-only RSUs granted, 5,215 will vest in 50% increments on December 31, 2024 and 2025; 3,119 RSUs will vest in 25% increments on December 31, 2024, 2025, 2026, and 2027; and the remaining 642 RSUs will vest in 50% increments on December 31, 2026 and 2027. Vesting for the RSUs is contingent solely upon continued employment. (4) Of the 8,930 performance-based RSUs granted, 5,215 will vest in 50% increments on December 31, 2024 and 2025; 3,119 RSUs will vest in 25% increments on December 31, 2024, 2025, 2026, and 2027; and the remaining 596 RSUs will vest in 50% increments on December 31, 2026 and 2027. Vesting for the performance-based RSUs is contingent upon both continued employment and the Company's return on capital performance during 2022 through 2024. All Options were granted at an exercise price equal to the closing price of the Company’s common stock on the day prior to the date of grant, and expire ten years from the date of grant. The following table provides additional information relative to our equity-based compensation plans for the nine months ended September 30, 2022: Shares Weighted Avg. Per Share Weighted Avg. Remaining Aggregate Stock Options Outstanding at December 31, 2021 534,695 $ 2,424.62 Granted 170,806 4,481.92 Exercised (59,559) 2,303.55 Forfeited (12,126) 3,352.37 Outstanding at September 30, 2022 633,816 $ 2,972.67 5.9 $ 740,513 Exercisable at September 30, 2022 281,825 $ 1,952.12 3.5 $ 573,502 RSUs Outstanding at December 31, 2021 16,564 Granted 17,906 Vested — Forfeited (1,438) Outstanding at September 30, 2022 33,032 $ 131,701 Vested, but not issued at September 30, 2022 — $ — To estimate the grant-date fair value of our Options, we use the Black-Scholes option-pricing model (the “Pricing Model”). The Pricing Model estimates the per share fair value of an option on its date of grant based on the following factors: the Option’s exercise price, the price of the underlying stock on the date of grant, the estimated dividend yield, a risk-free interest rate, the estimated option term, and the expected volatility. For the risk-free interest rate, we use U.S. Treasury STRIPS which mature at approximately the same time as the Option’s expected holding term. For expected volatility, we have concluded that our historical volatility over the Option’s expected holding term provides the most reasonable basis for this estimate. The fair value of the Options granted during the first nine months of 2022 was estimated on the grant date using the Pricing Model, based on the following assumptions: Estimated option life (years) 5.60 Risk free interest rate (range) 1.17%-3.40% Expected volatility (range) 24.93%-30.89% Expected dividend rate —% Weighted average grant-date fair value per share of options granted $ 1,432.72 The weighted average grant date fair value per share of $4,505.90 for the RSUs was the closing price of our common stock on the day immediately preceding the date of grant. Compensation cost for Options and RSUs is recognized on a straight-line basis over the requisite service period for the entire award (from the date of grant through the period of the last separately vesting portion of the grant). For the recognition of equity-based compensation, the Options and RSUs that are subject to a performance condition are treated as a separate award from the “service-only” Options and RSUs, and compensation cost is recognized when it becomes probable that the stated performance target will be achieved. We currently believe that it is probable that the stated performance condition will be satisfied at the target level for all of our Options and RSUs granted. Compensation cost is recognized within the income statement in the same expense line as the cash compensation paid to the respective employees. We recognize forfeitures of equity-based awards as a reduction to compensation costs in the period in which they occur. During the three and nine months ended September 30, 2022, we recognized $26,686 and $58,441 in equity-based compensation costs, respectively. During the three and nine months ended September 30, 2021, we recognized $15,009 and $42,859 in equity-based compensation costs, respectively. As of September 30, 2022, the total unrecognized compensation cost for all outstanding Options and RSUs equaled approximately $381,700. The unrecognized compensation cost will be recognized over each grant’s applicable vesting period with the latest vesting date being December 31, 2027. The weighted-average period over which the unrecognized compensation cost will be recorded is equal to approximately 2.6 years.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity A summary of changes in shareholders’ equity for the three months ended September 30, 2022 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, June 30, 2022 $ 206 $ 2,498,123 $ 10,907,253 $ (10,413,916) $ (16,710) $ 16,710 $ 2,991,666 Net income — — 411,393 — — — 411,393 Purchase of common stock for treasury — — — (368,490) — — (368,490) Equity-based compensation — 26,686 — — — — 26,686 Proceeds from Options exercised — 23,584 — — — — 23,584 Treasury stock issued upon Option exercise — (9,581) — 9,581 — — — Balance, September 30, 2022 $ 206 $ 2,538,812 $ 11,318,646 $ (10,772,825) $ (16,710) $ 16,710 $ 3,084,839 A summary of changes in shareholders’ equity for the nine months ended September 30, 2022 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2021 $ 206 $ 2,378,191 $ 10,047,839 $ (9,423,858) $ (16,710) $ 16,710 $ 3,002,378 Net income — — 1,270,807 — — — 1,270,807 Purchase of common stock for treasury — — — (1,384,193) — — (1,384,193) Equity-based compensation — 58,441 — — — — 58,441 Proceeds from Options exercised — 137,406 — — — — 137,406 Treasury stock issued upon Option exercise — (35,226) — 35,226 — — — Balance, September 30, 2022 $ 206 $ 2,538,812 $ 11,318,646 $ (10,772,825) $ (16,710) $ 16,710 $ 3,084,839 We repurchased 88,016 and 295,148 shares of our outstanding common stock during the three and nine months ended September 30, 2022, respectively. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. We issued 15,840 and 59,559 shares from the treasury account during the three and nine months ended September 30, 2022, respectively, in settlement of Option exercises. Shares are relieved from the treasury account based on the weighted average cost basis of treasury shares. A summary of changes in shareholders’ equity for the three months ended September 30, 2021 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, June 30, 2021 $ 206 $ 2,314,564 $ 9,381,177 $ (8,653,659) $ (16,710) $ 16,710 $ 3,042,288 Net income — — 332,081 — — — 332,081 Purchase of common stock for treasury — — — (398,489) — — (398,489) Equity-based compensation — 15,009 — — — — 15,009 Proceeds from Options exercised — 26,162 — — — — 26,162 Treasury stock issued upon Option exercise and RSU vesting — (6,735) — 6,735 — — — Balance, September 30, 2021 $ 206 $ 2,349,000 $ 9,713,258 $ (9,045,413) $ (16,710) $ 16,710 $ 3,017,051 A summary of changes in shareholders’ equity for the nine months ended September 30, 2021 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2020 $ 206 $ 2,214,426 $ 8,811,120 $ (7,922,678) $ (16,710) $ 16,710 $ 3,103,074 Net income — — 902,138 — — — 902,138 Purchase of common stock for treasury — — — (1,152,855) — — (1,152,855) Equity-based compensation — 42,859 — — — — 42,859 Proceeds from Options exercised — 121,835 — — — — 121,835 Treasury stock issued upon Option exercise and RSU vesting — (30,120) — 30,120 — — — Balance, September 30, 2021 $ 206 $ 2,349,000 $ 9,713,258 $ (9,045,413) $ (16,710) $ 16,710 $ 3,017,051

Product Warranties

Product Warranties	9 Months Ended
	Sep. 30, 2022
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 and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Warranty reserve, beginning of period $ 138,240 $ 127,502 $ 134,859 $ 119,638 Provision 28,624 22,789 71,142 66,878 Payments (23,066) (20,188) (62,203) (56,413) Warranty reserve, end of period $ 143,798 $ 130,103 $ 143,798 $ 130,103

Segment Disclosures

Segment Disclosures	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Disclosures	Segment Disclosures Our homebuilding operations are aggregated geographically into four homebuilding reportable segments and our mortgage banking operations are 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, Tennessee, Florida and Georgia 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 an LPA with the developer, or the restructuring of an LPA 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. Our 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 and 3.00% Senior Notes due 2030 (the “Senior Notes”), which are not charged to the operating segments because the charges are included in the corporate capital allocation discussed above. The f ollowing tables present segment revenues, profit and assets with reconciliations to the amounts reported for the consolidated enterprise, where applicable: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenues: Homebuilding Mid Atlantic $ 1,282,504 $ 1,082,710 $ 3,632,524 $ 3,067,267 Homebuilding North East 250,067 213,087 663,012 568,524 Homebuilding Mid East 569,991 503,232 1,552,434 1,406,364 Homebuilding South East 636,883 537,586 1,810,764 1,482,731 Mortgage Banking 37,455 59,025 155,518 195,798 Total consolidated revenues $ 2,776,900 $ 2,395,640 $ 7,814,252 $ 6,720,684 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Income before taxes: Homebuilding Mid Atlantic $ 272,860 $ 222,504 $ 774,380 $ 526,052 Homebuilding North East 49,614 33,885 116,839 70,622 Homebuilding Mid East 92,364 81,021 246,059 189,849 Homebuilding South East 145,619 100,688 409,895 236,272 Mortgage Banking 18,993 40,249 97,899 140,183 Total segment profit before taxes 579,450 478,347 1,645,072 1,162,978 Reconciling items: Contract land deposit reserve adjustment (1) (8,736) 4,126 (2,391) 17,500 Equity-based compensation expense (2) (26,686) (15,009) (58,441) (42,859) Corporate capital allocation (3) 81,020 64,055 228,276 188,638 Unallocated corporate overhead (22,565) (27,801) (100,109) (101,605) Consolidation adjustments and other (4) (57,165) (56,786) (2,561) (22,456) Corporate interest expense (6,803) (12,805) (31,374) (38,598) Reconciling items sub-total (40,935) (44,220) 33,400 620 Consolidated income before taxes $ 538,515 $ 434,127 $ 1,678,472 $ 1,163,598 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2. (2) The increase in equity-based compensation expense for the three and nine months ended September 30, 2022 was primarily attributable to a four year block grant of Options and RSUs in May 2022. See Note 7 for additional discussion of equity-based compensation. (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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 37,305 $ 31,057 $ 108,514 $ 92,788 Homebuilding North East 7,994 6,719 23,238 19,214 Homebuilding Mid East 14,509 11,114 38,801 32,804 Homebuilding South East 21,212 15,165 57,723 43,832 Total $ 81,020 $ 64,055 $ 228,276 $ 188,638 (4) The consolidation adjustments and other for the three and nine month periods of 2022 and 2021 is primarily driven by changes in lumber prices in the respective periods. Our reportable segments' results include the intercompany profits of our production facilities for home packages delivered to our homebuilding divisions. Costs related to homes not yet settled are reversed through the consolidation adjustment and recorded in inventory. These costs are subsequently recorded through the consolidation adjustment when the respective homes are settled. Due to higher lumber prices in the first half of both 2022 and 2021, the previously reversed intercompany profits were recognized in the third quarter of the respective years through the consolidation adjustment as homes were settled, which negatively impacted margins in the respective periods. September 30, 2022 December 31, 2021 Assets: Homebuilding Mid Atlantic $ 1,289,036 $ 1,322,818 Homebuilding North East 268,794 235,048 Homebuilding Mid East 515,947 438,700 Homebuilding South East 791,054 629,198 Mortgage Banking 464,293 371,685 Total segment assets 3,329,124 2,997,449 Reconciling items: Cash and cash equivalents 1,748,506 2,545,069 Deferred taxes 144,590 132,894 Intangible assets and goodwill 49,368 49,368 Operating lease right-of-use assets 69,933 59,010 Finance lease right-of-use assets 13,875 14,578 Contract land deposit reserve (32,240) (30,041) Consolidation adjustments and other 66,378 66,148 Reconciling items sub-total 2,060,410 2,837,026 Consolidated assets $ 5,389,534 $ 5,834,475

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2022
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 following table presents the estimated fair values and carrying values of our Senior Notes as of September 30, 2022 and December 31, 2021. The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hierarchy. September 30, 2022 December 31, 2021 Estimated Fair Values: 3.95% Senior Notes due 2022 $ — $ 610,452 3.00% Senior Notes due 2030 735,804 942,192 Total $ 735,804 $ 1,552,644 Carrying Values: 3.95% Senior Notes due 2022 $ — $ 599,553 3.00% Senior Notes due 2030 915,346 916,702 Total $ 915,346 $ 1,516,255 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 September 30, 2022, there were rate lock commitments to extend credit to borrowers aggregating $2,213,239 and open forward delivery contracts aggregating $2,446,322, which hedge both the rate lock 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. As of September 30, 2022, the fair value of loans held for sale of $316,094 included on the accompanying condensed consolidated balance sheet was decreased by $14,407 from the aggregate principal balance of $330,501. As of December 31, 2021, the fair value of loans held for sale of $302,192 was increased by $4,296 from the aggregate principal balance of $297,896. The fair value measurement of NVRM's undesignated derivative instruments was as follows: September 30, 2022 December 31, 2021 Rate lock commitments: Gross assets $ 36,695 $ 15,949 Gross liabilities 88,697 1,790 Net rate lock commitments $ (52,002) $ 14,159 Forward sales contracts: Gross assets $ 41,536 $ 708 Gross liabilities 3,148 926 Net forward sales contracts $ 38,388 $ (218) As of September 30, 2022, the net rate lock commitments are reported in mortgage banking "Accrued expenses and other liabilities," and the net forward sales contracts are reported in mortgage banking "Other assets" on the accompanying condensed consolidated balance sheets. As of December 31, 2021, 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". The fair value measurement as of September 30, 2022 was as follows: Notional or Assumed Interest Servicing Security Total Fair Rate lock commitments $ 2,213,239 $ 3,359 $ (85,498) $ 30,137 $ — $ (52,002) Forward sales contracts $ 2,446,322 — — — 38,388 38,388 Mortgages held for sale $ 330,501 710 (19,807) 4,690 — (14,407) Total fair value measurement $ 4,069 $ (105,305) $ 34,827 $ 38,388 $ (28,021) The total fair value measurement as of December 31, 2021 was $18,237. NVRM recorded a fair value adjustment to expense of $28,828 and $46,258 for the three and nine months ended September 30, 2022, respectively. Unrealized gains/losses from the change in the fair value measurements are included in earnings as a component of mortgage banking fees in the accompanying condensed consolidated statements of income. The fair value measurement will be impacted in the future by the change in the value of the servicing rights, interest rate movements, security price fluctuations, and the volume and product mix of NVRM’s closed loans and locked loan commitments.

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt During the second quarter of 2022, we redeemed the outstanding $600,000 principal amount of 3.95% Senior Notes due September 15, 2022, at par, plus accrued interest. As of September 30, 2022, we had the following debt instruments outstanding: 3.00% Senior Notes due 2030 ("2030 Senior Notes") The 2030 Senior Notes have an aggregate principal balance of $900,000 and mature on May 15, 2030. The 2030 Senior Notes bear interest at 3.00%, payable semi-annually in arrears on May 15 and November 15. The 2030 Senior Notes were issued in three separate issuances, $600,000 issued at a discount to yield 3.02%, and the two additional issuances totaling $300,000 issued at a premium to yield 2.00%. The 2030 Senior Notes have been reflected net of the unamortized discount or premium, as applicable, and the 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 $300,000 (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 $13,400 was outstanding at September 30, 2022. The Credit Agreement termination date is February 12, 2026. There was no debt outstanding under the Facility at September 30, 2022. 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.

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	Leases We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have finance leases for certain plant equipment and one of our production facilities which are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. Our finance lease ROU assets and finance lease liabilities were $13,875 and $15,030, respectively, as of September 30, 2022, and $14,578 and $15,413, respectively, as of December 31, 2021. Our leases have remaining lease terms of up to 18 years, some of which include options to extend the lease for up to 20 years, and some of which include options to terminate 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. Our sublease income is de minimis. 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. The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Lease expense Operating lease expense $ 9,422 $ 7,906 $ 26,051 $ 23,395 Finance lease expense: Amortization of ROU assets 489 454 1,426 1,342 Interest on lease liabilities 106 107 313 324 Short-term lease expense 7,395 6,001 20,219 17,752 Total lease expense $ 17,412 $ 14,468 $ 48,009 $ 42,813 Other information related to leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,197 $ 7,143 $ 21,301 $ 20,831 Operating cash flows from finance leases 106 107 313 324 Financing cash flows from finance leases 384 347 1,107 1,008 ROU assets obtained in exchange for lease obligations: Operating leases $ 11,169 $ 3,711 $ 35,055 $ 23,282 Finance leases $ — $ 187 $ 723 $ 276 September 30, 2022 December 31, 2021 Weighted-average remaining lease term (in years): Operating leases 6.1 6.3 Finance leases 11.0 11.7 Weighted-average discount rate: Operating leases 3.4 % 3.0 % Finance leases 2.9 % 2.8 %
Leases	Leases We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have finance leases for certain plant equipment and one of our production facilities which are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. Our finance lease ROU assets and finance lease liabilities were $13,875 and $15,030, respectively, as of September 30, 2022, and $14,578 and $15,413, respectively, as of December 31, 2021. Our leases have remaining lease terms of up to 18 years, some of which include options to extend the lease for up to 20 years, and some of which include options to terminate 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. Our sublease income is de minimis. 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. The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Lease expense Operating lease expense $ 9,422 $ 7,906 $ 26,051 $ 23,395 Finance lease expense: Amortization of ROU assets 489 454 1,426 1,342 Interest on lease liabilities 106 107 313 324 Short-term lease expense 7,395 6,001 20,219 17,752 Total lease expense $ 17,412 $ 14,468 $ 48,009 $ 42,813 Other information related to leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,197 $ 7,143 $ 21,301 $ 20,831 Operating cash flows from finance leases 106 107 313 324 Financing cash flows from finance leases 384 347 1,107 1,008 ROU assets obtained in exchange for lease obligations: Operating leases $ 11,169 $ 3,711 $ 35,055 $ 23,282 Finance leases $ — $ 187 $ 723 $ 276 September 30, 2022 December 31, 2021 Weighted-average remaining lease term (in years): Operating leases 6.1 6.3 Finance leases 11.0 11.7 Weighted-average discount rate: Operating leases 3.4 % 3.0 % Finance leases 2.9 % 2.8 %

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	15. Income Taxes Our effective tax rate for the three and nine months ended September 30, 2022 was 23.6% and 24.3%, respectively, compared to 23.5% and 22.5% for the three and nine months ended September 30, 2021, respectively. The increase in the effective tax rate for the nine month period of 2022 compared to the same period in 2021 was primarily attributable to a lower income tax benefit recognized for excess tax benefits from stock option exercises of $27,748 and $37,834 for the nine months ended September 30, 2022 and 2021, respectively.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited, condensed consolidated financial statements include the accounts of NVR, Inc. (“NVR”, 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, 2021. In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
Revenue from Contract with Customer	Revenue RecognitionHomebuilding revenue is recognized on the settlement date at the contract sales price, when control is transferred to our customers.

Variable Interest Entities ("_2

Variable Interest Entities ("VIEs") (Tables)	9 Months Ended
	Sep. 30, 2022
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Total Risk of Loss Related to Contract Land Deposits	Our total risk of loss related to contract land deposits is limited to the amount of the deposits pursuant to the liquidated damages provision of the LPAs. As of September 30, 2022 and December 31, 2021, our total risk of loss was as follows: September 30, 2022 December 31, 2021 Contract land deposits $ 553,812 $ 527,180 Loss reserve on contract land deposits (32,240) (30,041) Contract land deposits, net 521,572 497,139 Contingent obligations in the form of letters of credit 7,266 10,145 Total risk of loss $ 528,838 $ 507,284

Capitalized Interest (Tables)

Capitalized Interest (Tables)	9 Months Ended
	Sep. 30, 2022
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 and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Interest capitalized, beginning of period $ 680 $ 644 $ 593 $ 1,025 Interest incurred 7,118 13,263 32,721 39,977 Interest charged to interest expense (7,202) (13,243) (32,625) (39,910) Interest charged to cost of sales (32) (100) (125) (528) Interest capitalized, end of period $ 564 $ 564 $ 564 $ 564

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2022
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 ("EPS") for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Weighted average number of shares outstanding used to calculate basic EPS 3,265,914 3,561,374 3,312,145 3,618,724 Dilutive securities: Stock options and restricted share units 205,473 280,559 231,559 273,953 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 3,471,387 3,841,933 3,543,704 3,892,677
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following non-qualified stock options ("Options") and restricted stock units ("RSUs") issued under equity incentive plans were outstanding during the three and nine months ended September 30, 2022 and 2021, but were not included in the computation of diluted EPS because the effect would have been anti-dilutive. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Anti-dilutive securities 203,340 16,022 193,248 22,132

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Equity-Based Compensation Plans with Grants Outstanding	During the second quarter of 2022, we issued 165,456 Options and 16,864 RSUs in a block grant to key management employees and Directors. Block grants are generally made once every four years. Option and RSU grants for the nine month period ended September 30, 2022 totaled 170,806 and 17,906, respectively, and were granted under the NVR, Inc. 2014 Equity Incentive Plan (the "2014 Plan") and the NVR, Inc. 2018 Equity Incentive Plan (the "2018 Plan") as follows: Options Granted 2014 Plan 2018 Plan Options - service-only (1) 55,655 32,331 Options - performance-based (2) 55,655 27,165 Total Options Granted 111,310 59,496 RSUs Granted RSUs - service-only (3) — 8,976 RSUs - performance-based (4) — 8,930 Total RSUs Granted — 17,906 (1) Of the 87,986 service-only Options granted, 69,361 Options will vest in 25% increments on December 31, 2024, 2025, 2026, and 2027; 16,415 Options will vest in 50% increments on December 31, 2026 and 2027; and the remaining 2,210 Options will vest in 50% increments on December 31, 2024 and 2025. Vesting for the Options is contingent solely upon continued employment or continued service as a Director. (2) Of the 82,820 performance-based Options granted, 64,195 will vest in 25% increments on December 31, 2024, 2025, 2026, and 2027; 16,415 Options will vest in 50% increments on December 31, 2026 and 2027; and the remaining 2,210 Options will vest in 50% increments on December 31, 2024 and 2025. Vesting for the performance-based Options is contingent upon both continued employment and the Company's return on capital performance during 2022 through 2024. (3) Of the 8,976 service-only RSUs granted, 5,215 will vest in 50% increments on December 31, 2024 and 2025; 3,119 RSUs will vest in 25% increments on December 31, 2024, 2025, 2026, and 2027; and the remaining 642 RSUs will vest in 50% increments on December 31, 2026 and 2027. Vesting for the RSUs is contingent solely upon continued employment. (4) Of the 8,930 performance-based RSUs granted, 5,215 will vest in 50% increments on December 31, 2024 and 2025; 3,119 RSUs will vest in 25% increments on December 31, 2024, 2025, 2026, and 2027; and the remaining 596 RSUs will vest in 50% increments on December 31, 2026 and 2027. Vesting for the performance-based RSUs is contingent upon both continued employment and the Company's return on capital performance during 2022 through 2024.
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	The following table provides additional information relative to our equity-based compensation plans for the nine months ended September 30, 2022: Shares Weighted Avg. Per Share Weighted Avg. Remaining Aggregate Stock Options Outstanding at December 31, 2021 534,695 $ 2,424.62 Granted 170,806 4,481.92 Exercised (59,559) 2,303.55 Forfeited (12,126) 3,352.37 Outstanding at September 30, 2022 633,816 $ 2,972.67 5.9 $ 740,513 Exercisable at September 30, 2022 281,825 $ 1,952.12 3.5 $ 573,502 RSUs Outstanding at December 31, 2021 16,564 Granted 17,906 Vested — Forfeited (1,438) Outstanding at September 30, 2022 33,032 $ 131,701 Vested, but not issued at September 30, 2022 — $ —
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions	The fair value of the Options granted during the first nine months of 2022 was estimated on the grant date using the Pricing Model, based on the following assumptions: Estimated option life (years) 5.60 Risk free interest rate (range) 1.17%-3.40% Expected volatility (range) 24.93%-30.89% Expected dividend rate —% Weighted average grant-date fair value per share of options granted $ 1,432.72

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Summary of Changes in Shareholders' Equity	A summary of changes in shareholders’ equity for the three months ended September 30, 2022 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, June 30, 2022 $ 206 $ 2,498,123 $ 10,907,253 $ (10,413,916) $ (16,710) $ 16,710 $ 2,991,666 Net income — — 411,393 — — — 411,393 Purchase of common stock for treasury — — — (368,490) — — (368,490) Equity-based compensation — 26,686 — — — — 26,686 Proceeds from Options exercised — 23,584 — — — — 23,584 Treasury stock issued upon Option exercise — (9,581) — 9,581 — — — Balance, September 30, 2022 $ 206 $ 2,538,812 $ 11,318,646 $ (10,772,825) $ (16,710) $ 16,710 $ 3,084,839	A summary of changes in shareholders’ equity for the three months ended September 30, 2021 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, June 30, 2021 $ 206 $ 2,314,564 $ 9,381,177 $ (8,653,659) $ (16,710) $ 16,710 $ 3,042,288 Net income — — 332,081 — — — 332,081 Purchase of common stock for treasury — — — (398,489) — — (398,489) Equity-based compensation — 15,009 — — — — 15,009 Proceeds from Options exercised — 26,162 — — — — 26,162 Treasury stock issued upon Option exercise and RSU vesting — (6,735) — 6,735 — — — Balance, September 30, 2021 $ 206 $ 2,349,000 $ 9,713,258 $ (9,045,413) $ (16,710) $ 16,710 $ 3,017,051	A summary of changes in shareholders’ equity for the nine months ended September 30, 2022 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2021 $ 206 $ 2,378,191 $ 10,047,839 $ (9,423,858) $ (16,710) $ 16,710 $ 3,002,378 Net income — — 1,270,807 — — — 1,270,807 Purchase of common stock for treasury — — — (1,384,193) — — (1,384,193) Equity-based compensation — 58,441 — — — — 58,441 Proceeds from Options exercised — 137,406 — — — — 137,406 Treasury stock issued upon Option exercise — (35,226) — 35,226 — — — Balance, September 30, 2022 $ 206 $ 2,538,812 $ 11,318,646 $ (10,772,825) $ (16,710) $ 16,710 $ 3,084,839	A summary of changes in shareholders’ equity for the nine months ended September 30, 2021 is presented below: Common Additional Retained Treasury Deferred Deferred Total Balance, December 31, 2020 $ 206 $ 2,214,426 $ 8,811,120 $ (7,922,678) $ (16,710) $ 16,710 $ 3,103,074 Net income — — 902,138 — — — 902,138 Purchase of common stock for treasury — — — (1,152,855) — — (1,152,855) Equity-based compensation — 42,859 — — — — 42,859 Proceeds from Options exercised — 121,835 — — — — 121,835 Treasury stock issued upon Option exercise and RSU vesting — (30,120) — 30,120 — — — Balance, September 30, 2021 $ 206 $ 2,349,000 $ 9,713,258 $ (9,045,413) $ (16,710) $ 16,710 $ 3,017,051

Product Warranties (Tables)

Product Warranties (Tables)	9 Months Ended
	Sep. 30, 2022
Product Warranties Disclosures [Abstract]
Summary of Changes in Product Warranties Reserve	The following table reflects the changes in our Warranty Reserve during the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Warranty reserve, beginning of period $ 138,240 $ 127,502 $ 134,859 $ 119,638 Provision 28,624 22,789 71,142 66,878 Payments (23,066) (20,188) (62,203) (56,413) Warranty reserve, end of period $ 143,798 $ 130,103 $ 143,798 $ 130,103

Segment Disclosures (Tables)

Segment Disclosures (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Revenues	The f ollowing tables present segment revenues, profit and assets with reconciliations to the amounts reported for the consolidated enterprise, where applicable: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenues: Homebuilding Mid Atlantic $ 1,282,504 $ 1,082,710 $ 3,632,524 $ 3,067,267 Homebuilding North East 250,067 213,087 663,012 568,524 Homebuilding Mid East 569,991 503,232 1,552,434 1,406,364 Homebuilding South East 636,883 537,586 1,810,764 1,482,731 Mortgage Banking 37,455 59,025 155,518 195,798 Total consolidated revenues $ 2,776,900 $ 2,395,640 $ 7,814,252 $ 6,720,684
Profit before Taxes	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Income before taxes: Homebuilding Mid Atlantic $ 272,860 $ 222,504 $ 774,380 $ 526,052 Homebuilding North East 49,614 33,885 116,839 70,622 Homebuilding Mid East 92,364 81,021 246,059 189,849 Homebuilding South East 145,619 100,688 409,895 236,272 Mortgage Banking 18,993 40,249 97,899 140,183 Total segment profit before taxes 579,450 478,347 1,645,072 1,162,978 Reconciling items: Contract land deposit reserve adjustment (1) (8,736) 4,126 (2,391) 17,500 Equity-based compensation expense (2) (26,686) (15,009) (58,441) (42,859) Corporate capital allocation (3) 81,020 64,055 228,276 188,638 Unallocated corporate overhead (22,565) (27,801) (100,109) (101,605) Consolidation adjustments and other (4) (57,165) (56,786) (2,561) (22,456) Corporate interest expense (6,803) (12,805) (31,374) (38,598) Reconciling items sub-total (40,935) (44,220) 33,400 620 Consolidated income before taxes $ 538,515 $ 434,127 $ 1,678,472 $ 1,163,598 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2. (2) The increase in equity-based compensation expense for the three and nine months ended September 30, 2022 was primarily attributable to a four year block grant of Options and RSUs in May 2022. See Note 7 for additional discussion of equity-based compensation. (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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 37,305 $ 31,057 $ 108,514 $ 92,788 Homebuilding North East 7,994 6,719 23,238 19,214 Homebuilding Mid East 14,509 11,114 38,801 32,804 Homebuilding South East 21,212 15,165 57,723 43,832 Total $ 81,020 $ 64,055 $ 228,276 $ 188,638
Assets	September 30, 2022 December 31, 2021 Assets: Homebuilding Mid Atlantic $ 1,289,036 $ 1,322,818 Homebuilding North East 268,794 235,048 Homebuilding Mid East 515,947 438,700 Homebuilding South East 791,054 629,198 Mortgage Banking 464,293 371,685 Total segment assets 3,329,124 2,997,449 Reconciling items: Cash and cash equivalents 1,748,506 2,545,069 Deferred taxes 144,590 132,894 Intangible assets and goodwill 49,368 49,368 Operating lease right-of-use assets 69,933 59,010 Finance lease right-of-use assets 13,875 14,578 Contract land deposit reserve (32,240) (30,041) Consolidation adjustments and other 66,378 66,148 Reconciling items sub-total 2,060,410 2,837,026 Consolidated assets $ 5,389,534 $ 5,834,475

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Undesignated Derivative Instruments	The fair value measurement of NVRM's undesignated derivative instruments was as follows: September 30, 2022 December 31, 2021 Rate lock commitments: Gross assets $ 36,695 $ 15,949 Gross liabilities 88,697 1,790 Net rate lock commitments $ (52,002) $ 14,159 Forward sales contracts: Gross assets $ 41,536 $ 708 Gross liabilities 3,148 926 Net forward sales contracts $ 38,388 $ (218)
Fair Value Measurement	The fair value measurement as of September 30, 2022 was as follows: Notional or Assumed Interest Servicing Security Total Fair Rate lock commitments $ 2,213,239 $ 3,359 $ (85,498) $ 30,137 $ — $ (52,002) Forward sales contracts $ 2,446,322 — — — 38,388 38,388 Mortgages held for sale $ 330,501 710 (19,807) 4,690 — (14,407) Total fair value measurement $ 4,069 $ (105,305) $ 34,827 $ 38,388 $ (28,021)
Fair Value Measurements, Recurring and Nonrecurring	The following table presents the estimated fair values and carrying values of our Senior Notes as of September 30, 2022 and December 31, 2021. The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hierarchy. September 30, 2022 December 31, 2021 Estimated Fair Values: 3.95% Senior Notes due 2022 $ — $ 610,452 3.00% Senior Notes due 2030 735,804 942,192 Total $ 735,804 $ 1,552,644 Carrying Values: 3.95% Senior Notes due 2022 $ — $ 599,553 3.00% Senior Notes due 2030 915,346 916,702 Total $ 915,346 $ 1,516,255

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Components of Lease Expense and Other Information related to Leases	The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Lease expense Operating lease expense $ 9,422 $ 7,906 $ 26,051 $ 23,395 Finance lease expense: Amortization of ROU assets 489 454 1,426 1,342 Interest on lease liabilities 106 107 313 324 Short-term lease expense 7,395 6,001 20,219 17,752 Total lease expense $ 17,412 $ 14,468 $ 48,009 $ 42,813
ScheduleofSupplementalCashFlowInformationRelatedtoLeases	Other information related to leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Supplemental Cash Flows Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,197 $ 7,143 $ 21,301 $ 20,831 Operating cash flows from finance leases 106 107 313 324 Financing cash flows from finance leases 384 347 1,107 1,008 ROU assets obtained in exchange for lease obligations: Operating leases $ 11,169 $ 3,711 $ 35,055 $ 23,282 Finance leases $ — $ 187 $ 723 $ 276 September 30, 2022 December 31, 2021 Weighted-average remaining lease term (in years): Operating leases 6.1 6.3 Finance leases 11.0 11.7 Weighted-average discount rate: Operating leases 3.4 % 3.0 % Finance leases 2.9 % 2.8 %

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract cost	$ 20,100	$ 25,200
Home Building Segment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash and cash equivalents	51,239	60,730
Contract liabilities for customer deposits	376,160	417,463
Consolidated Joint Venture | Home Building Segment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash and cash equivalents	$ 255	$ 268	$ 271	$ 269

Variable Interest Entities ("_3

Variable Interest Entities ("VIEs") - Additional Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) lot	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) lot	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Variable Interest Entity [Line Items]
Letters of credit related to lots	$ 7,266		$ 7,266
Net Contract Land Deposit Impairment Recoveries	(8,800)	$ 4,100	(2,500)	$ 17,500
Loss reserve on contract land deposits	32,240		32,240		$ 30,041
Contract land deposits in cash	$ 553,812		553,812		$ 527,180
Contract land deposit impairments (recoveries), net			$ 2,482	$ (17,474)
Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10%		10%
Lots controlled by NVR | lot	125,600		125,600
Contract land deposits in cash under lot purchase Agreements	$ 543,400		$ 543,400
Letters of credit related to lots	$ 7,300		$ 7,300
Contract on Raw Ground with Landowners
Variable Interest Entity [Line Items]
Lots controlled by NVR | lot	23,100		23,100
Contract land deposits in cash	$ 10,400		$ 10,400
Refundable deposits and letters of credit	$ 4,600		$ 4,600

Variable Interest Entities ("_4

Variable Interest Entities ("VIEs") - Total Risk of Loss Related to Contract Land Deposits (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]
Contract land deposits	$ 553,812	$ 527,180
Loss reserve on contract land deposits	(32,240)	(30,041)
Contract land deposits, net	521,572	497,139
Contingent obligations in the form of letters of credit		10,145
Total risk of loss	528,838	$ 507,284
Letters of credit related to lots	$ 7,266

Joint Ventures - Additional Inf

Joint Ventures - Additional Information (Detail) $ in Thousands	Sep. 30, 2022 USD ($) lot joint_venture	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Joint Ventures [Line Items]
Aggregate investment	$ 27,800
Number of joint ventures | joint_venture	5
Expected production of finished lots | lot	5,400
Total lots controlled by company under the joint venture | lot	5,000
Total lots either under contract with unrelated parties or not under the current contract | lot	400
Additional funding commitments in the aggregate	$ 13,500
Number of joint ventures NVR is not primary beneficiary | joint_venture	4
Other Assets
Joint Ventures [Line Items]
Aggregate investment	$ 27,800	$ 20,300
Home Building Segment
Joint Ventures [Line Items]
Restricted cash and cash equivalents	51,239	60,730
Accrued expenses and other liabilities	427,072	435,860
Consolidated Joint Venture | Home Building Segment
Joint Ventures [Line Items]
Restricted cash and cash equivalents	255	$ 268	$ 271	$ 269
Consolidated Joint Venture | Home Building Segment | Accounts Payable and Accrued Liabilities
Joint Ventures [Line Items]
Accrued expenses and other liabilities	$ 229

Land Under Development - Additi

Land Under Development - Additional Information (Detail) $ in Thousands	Sep. 30, 2022 USD ($) lot
Real Estate [Abstract]
Carrying value of raw parcels of land	$ 15,230
Number of finished lots expected to be developed from raw parcels of land | lot	800
Aggregate additional funding commitments related to raw land property under joint development	$ 2,200
Expected development credits that will offset the aggregate additional funding commitments related to raw land property development	$ 900

Capitalized Interest - Summary

Capitalized Interest - Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Roll Forward]
Interest capitalized, beginning of period	$ 680	$ 644	$ 593	$ 1,025
Interest incurred	7,118	13,263	32,721	39,977
Interest expense	(7,202)	(13,243)	(32,625)	(39,910)
Interest charged to cost of sales	(32)	(100)	(125)	(528)
Interest capitalized, end of period	$ 564	$ 564	$ 564	$ 564

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	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS (in shares)	3,265,914	3,561,374	3,312,145	3,618,724
Dilutive securities:
Stock options and restricted share units (in shares)	205,473	280,559	231,559	273,953
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS (in shares)	3,471,387	3,841,933	3,543,704	3,892,677

Earnings Per Share - Summary of

Earnings Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Anti-dilutive securities (in shares)	203,340	16,022	193,248	22,132

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period				0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period				(1,438)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	633,816			633,816
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number	33,032			33,032
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term				5 years 7 months 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum				1.17%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum				3.40%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum				24.93%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum				30.89%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate				0%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 1,432.72
Equity-based compensation expense	$ 26,686		$ 15,009	$ 58,441	$ 42,859
Equity-based compensation expense	$ 26,686		$ 15,009	$ 58,441	$ 42,859
Two Thousand Fourteen, Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				111,310
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				0
Two Thousand Eighteen, Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				59,496
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				17,906
Employee Performance Based Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				82,820
Employee Performance Based Stock Option | Share-based Payment Arrangement, Tranche One
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				25%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				64,195
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				25%
Employee Performance Based Stock Option | Share-based Payment Arrangement, Tranche Two
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				16,415
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50%
Employee Performance Based Stock Option | Share-based Payment Arrangement, Tranche Three
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				2,210
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50%
Employee Performance Based Stock Option | Two Thousand Fourteen, Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				55,655
Employee Performance Based Stock Option | Two Thousand Eighteen, Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				27,165
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				170,806
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				(59,559)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period				(12,126)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number						534,695
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	281,825			281,825
Employee Stock | Share-based Payment Arrangement, Tranche One
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				25%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				69,361
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				25%
Employee Stock | Share-based Payment Arrangement, Tranche Two
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				16,415
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50%
Employee Stock | Share-based Payment Arrangement, Tranche Three
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				2,210
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50%
Employee Stock | Two Thousand Fourteen, Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				55,655
Employee Stock | Two Thousand Eighteen, Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				32,331
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		16,864		17,906
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number						16,564
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition				2 years 7 months 6 days
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 381,700			$ 381,700
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 4,505.9
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 4,505.9
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	381,700			$ 381,700
Restricted Stock Units (RSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				6 years
Restricted Stock Units (RSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				2 years
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche One
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				5,215
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50%
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Two
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				25%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				3,119
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				25%
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Three
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				642
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50%
Restricted Stock Units (RSUs) | Two Thousand Fourteen, Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				0
Restricted Stock Units (RSUs) | Two Thousand Eighteen, Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				8,976
Restricted Stock Units (RSUs) | Two Thousand Ten, Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	131,701			$ 131,701
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested Outstanding Number Aggregate Intrinsic Value	$ 0			$ 0
Performance Based Restricted Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				8,930
Performance Based Restricted Stock Unit | Share-based Payment Arrangement, Tranche One
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				5,215
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50%
Performance Based Restricted Stock Unit | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				3,119
Performance Based Restricted Stock Unit | Share-based Payment Arrangement, Tranche Three
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				596
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50%
Performance Based Restricted Stock Unit | Two Thousand Fourteen, Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				0
Performance Based Restricted Stock Unit | Two Thousand Eighteen, Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				8,930
Share-based Payment Arrangement, Option
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period				10 years
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period		165,456		170,806
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 2,972.67			$ 2,972.67		$ 2,424.62
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price				4,481.92
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price				2,303.55
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price				3,352.37
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 1,952.12			$ 1,952.12
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term				5 years 10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term				3 years 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 740,513			$ 740,513
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 573,502			$ 573,502
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period		165,456		170,806
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period				10 years
Share-based Payment Arrangement, Option | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				6 years
Share-based Payment Arrangement, Option | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				3 years
Share-based Payment Arrangement, Option | Share-based Payment Arrangement, Tranche Three
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50%
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Outstanding, Number	0			0
Share-based Payment Arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				87,986

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Changes in Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 2,991,666	$ 3,042,288	$ 3,002,378	$ 3,103,074
Net income	411,393	332,081	1,270,807	902,138
Purchase of common stock for treasury	(368,490)	(398,489)	(1,384,193)	(1,152,855)
Equity-based compensation	26,686	15,009	58,441	42,859
Proceeds from Options exercised	23,584	26,162	137,406	121,835
Ending Balance	$ 3,084,839	$ 3,017,051	$ 3,084,839	$ 3,017,051
Common stock repurchased (in shares)	88,016	79,620	295,148	244,595
Reissued shares during the period, shares (in shares)	15,840	13,116	59,559	61,704
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 206	$ 206	$ 206	$ 206
Ending Balance	206	206	206	206
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	2,498,123	2,314,564	2,378,191	2,214,426
Equity-based compensation	26,686	15,009	58,441	42,859
Proceeds from Options exercised	23,584	26,162	137,406	121,835
Treasury stock issued upon Option exercise	(9,581)	(6,735)	(35,226)	(30,120)
Ending Balance	2,538,812	2,349,000	2,538,812	2,349,000
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	10,907,253	9,381,177	10,047,839	8,811,120
Net income	411,393	332,081	1,270,807	902,138
Ending Balance	11,318,646	9,713,258	11,318,646	9,713,258
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(10,413,916)	(8,653,659)	(9,423,858)	(7,922,678)
Purchase of common stock for treasury	(368,490)	(398,489)	(1,384,193)	(1,152,855)
Treasury stock issued upon Option exercise	9,581	6,735	35,226	30,120
Ending Balance	(10,772,825)	(9,045,413)	(10,772,825)	(9,045,413)
Deferred Compensation Trust
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(16,710)	(16,710)	(16,710)	(16,710)
Ending Balance	(16,710)	(16,710)	(16,710)	(16,710)
Deferred Compensation Liability
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	16,710	16,710	16,710	16,710
Ending Balance	$ 16,710	$ 16,710	$ 16,710	$ 16,710

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Common stock repurchased (in shares)	88,016	79,620	295,148	244,595
Reissued shares during the period, shares (in shares)	15,840	13,116	59,559	61,704

Product Warranties Product Warr

Product Warranties Product Warranties - Schedule of Product Warranties Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Warranty reserve, beginning of period	$ 138,240	$ 127,502	$ 134,859	$ 119,638
Provision	28,624	22,789	71,142	66,878
Payments	(23,066)	(20,188)	(62,203)	(56,413)
Warranty reserve, end of period	$ 143,798	$ 130,103	$ 143,798	$ 130,103

Segment Disclosures - Additiona

Segment Disclosures - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2022 segment
Senior Notes due 2022
Segment Reporting Information [Line Items]
Senior notes interest rate	3.95%
3.00% Senior Notes due 2030
Segment Reporting Information [Line Items]
Senior notes interest rate	3%
Home Building Segment
Segment Reporting Information [Line Items]
Number of reportable segments	4
Mortgage Banking
Segment Reporting Information [Line Items]
Number of reportable segments	1

Segment Disclosures - Revenues

Segment Disclosures - Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 2,776,900	$ 2,395,640	$ 7,814,252	$ 6,720,684
Home Building Segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,739,445	2,336,615	7,658,734	6,524,886
Home Building Segment | Mid Atlantic
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,282,504	1,082,710	3,632,524	3,067,267
Home Building Segment | North East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	250,067	213,087	663,012	568,524
Home Building Segment | Mid East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	569,991	503,232	1,552,434	1,406,364
Home Building Segment | South East
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	636,883	537,586	1,810,764	1,482,731
Mortgage Banking
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 37,455	$ 59,025	$ 155,518	$ 195,798

Segment Disclosures - Income be

Segment Disclosures - Income before Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	$ 538,515	$ 434,127	$ 1,678,472	$ 1,163,598
Equity-based compensation expense	(26,686)	(15,009)	(58,441)	(42,859)
Corporate interest expense	(7,202)	(13,243)	(32,625)	(39,910)
Home Building Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	520,929	395,108	1,582,763	1,026,790
Corporate interest expense	(6,854)	(12,838)	(31,510)	(38,694)
Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	17,586	39,019	95,709	136,808
Corporate interest expense	(348)	(405)	(1,115)	(1,216)
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	579,450	478,347	1,645,072	1,162,978
Operating Segments | Home Building Segment | Mid Atlantic
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	272,860	222,504	774,380	526,052
Operating Segments | Home Building Segment | North East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	49,614	33,885	116,839	70,622
Operating Segments | Home Building Segment | Mid East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	92,364	81,021	246,059	189,849
Operating Segments | Home Building Segment | South East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	145,619	100,688	409,895	236,272
Operating Segments | Mortgage Banking
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	18,993	40,249	97,899	140,183
Corporate and Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before taxes	(40,935)	(44,220)	33,400	620
Contract land deposit reserve adjustment	(8,736)	4,126	(2,391)	17,500
Equity-based compensation expense	(26,686)	(15,009)	(58,441)	(42,859)
Corporate capital allocation	81,020	64,055	228,276	188,638
Unallocated corporate overhead	(22,565)	(27,801)	(100,109)	(101,605)
Consolidation adjustments and other (4)	(57,165)	(56,786)	(2,561)	(22,456)
Corporate interest expense	(6,803)	(12,805)	(31,374)	(38,598)
Corporate and Reconciling Items | Home Building Segment | Mid Atlantic
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	37,305	31,057	108,514	92,788
Corporate and Reconciling Items | Home Building Segment | North East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	7,994	6,719	23,238	19,214
Corporate and Reconciling Items | Home Building Segment | Mid East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	14,509	11,114	38,801	32,804
Corporate and Reconciling Items | Home Building Segment | South East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate capital allocation	$ 21,212	$ 15,165	$ 57,723	$ 43,832

Segment Disclosures - Corporate

Segment Disclosures - Corporate Capital Allocation Charge (Detail) - Corporate and Reconciling Items - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 81,020	$ 64,055	$ 228,276	$ 188,638
Home Building Segment | Mid Atlantic
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	37,305	31,057	108,514	92,788
Home Building Segment | North East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	7,994	6,719	23,238	19,214
Home Building Segment | Mid East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	14,509	11,114	38,801	32,804
Home Building Segment | South East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 21,212	$ 15,165	$ 57,723	$ 43,832

Segment Disclosures - Assets (D

Segment Disclosures - Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 5,389,534	$ 5,834,475
Finance Lease, Right-of-Use Asset	13,875	14,578
Contract land deposit reserve	(32,240)	(30,041)
Home Building Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	4,917,894	5,455,443
Cash and cash equivalents	1,748,506	2,545,069
Operating lease right-of-use assets	69,933	59,010
Mortgage Banking
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	471,640	379,032
Cash and cash equivalents	18,431	28,398
Operating lease right-of-use assets	14,534	9,758
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	3,329,124	2,997,449
Operating Segments | Home Building Segment | Mid Atlantic
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,289,036	1,322,818
Operating Segments | Home Building Segment | North East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	268,794	235,048
Operating Segments | Home Building Segment | Mid East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	515,947	438,700
Operating Segments | Home Building Segment | South East
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	791,054	629,198
Operating Segments | Mortgage Banking
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	464,293	371,685
Corporate and Reconciling Items
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,060,410	2,837,026
Cash and cash equivalents	1,748,506	2,545,069
Deferred taxes	144,590	132,894
Intangible assets and goodwill	49,368	49,368
Operating lease right-of-use assets	69,933	59,010
Finance Lease, Right-of-Use Asset	13,875	14,578
Contract land deposit reserve	(32,240)	(30,041)
Consolidation adjustments and other	$ 66,378	$ 66,148

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value measurement gain/(loss)		$ (28,021)		$ 18,237
Home Building Segment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	$ 915,346	915,346		1,516,255
Home Building Segment | Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	0	0		599,553
Home Building Segment | 3.00% Senior Notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	915,346	915,346		916,702
Home Building Segment | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	915,346	915,346		1,516,255
Home Building Segment | Level 2 | Fair Value, Recurring | Senior Notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	0	0		610,452
Home Building Segment | Level 2 | Fair Value, Recurring | 3.00% Senior Notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	735,804	735,804		942,192
Home Building Segment | Level 2 | Fair Value, Recurring | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	735,804	735,804		1,552,644
Mortgage Banking | Level 2 | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment income (expense)	28,828	46,258
Mortgage Banking | Level 2 | Fair Value, Recurring | Rate Lock Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	2,213,239	2,213,239
Total fair value measurement gain/(loss)		(52,002)
Mortgage Banking | Level 2 | Fair Value, Recurring | Forward Sales Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	2,446,322	2,446,322
Total fair value measurement gain/(loss)		38,388
Mortgage Banking | Level 2 | Fair Value, Recurring | Mortgages Held for Sale
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	316,094	316,094		$ 302,192
Fair Value, principal amount, loans held for sale	$ 330,501	330,501	$ 297,896
Fair value, option, changes in fair value, gain (loss)		$ (14,407)	$ 4,296

Fair Value - Undesignated Deriv

Fair Value - Undesignated Derivative Instruments (Detail) - Mortgage Banking - Level 2 - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Assets | Rate Lock Commitments
Derivatives, Fair Value [Line Items]
Gross assets	$ 36,695	$ 15,949
Gross liabilities	88,697	1,790
Net rate lock commitments and forward sales contracts	(52,002)	14,159
Accrued Liabilities | Forward Sales Contracts
Derivatives, Fair Value [Line Items]
Gross assets	41,536	708
Gross liabilities	3,148	926
Net rate lock commitments and forward sales contracts	$ 38,388	$ (218)

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurement (Detail) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain From Loan Sale	$ 4,069
Interest Rate Movement Effect	(105,305)
Servicing Rights Value	34,827
Security Price Change	38,388
Total Fair Value Measurement	(28,021)		$ 18,237
Mortgage Banking | Level 2 | Fair Value, Recurring | Rate Lock Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	2,213,239
Assumed Gain From Loan Sale	3,359
Interest Rate Movement Effect	(85,498)
Servicing Rights Value	30,137
Total Fair Value Measurement	(52,002)
Mortgage Banking | Level 2 | Fair Value, Recurring | Forward Sales Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure, off-balance sheet risks, face amount, liability	2,446,322
Security Price Change	38,388
Total Fair Value Measurement	38,388
Mortgage Banking | Level 2 | Fair Value, Recurring | Mortgages Held for Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain From Loan Sale	710
Interest Rate Movement Effect	(19,807)
Servicing Rights Value	4,690
Fair value, option, changes in fair value, gain (loss)	(14,407)	$ 4,296
Fair Value, principal amount, loans held for sale	$ 330,501	$ 297,896

Debt - Additional Information (

Debt - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2022 USD ($)
Senior Notes due 2022
Debt Instrument [Line Items]
Senior notes principal amount	$ 600,000,000
Senior notes interest rate	3.95%
Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum loan borrowing capacity	$ 300,000,000
Increase in commitment available	300,000,000
Debt outstanding	0
Credit Agreement | Revolving Credit Facility | Sublimit for Issuance of Letters of Credit
Debt Instrument [Line Items]
Maximum loan borrowing capacity	100,000,000
Letters of credit outstanding	13,400,000
Repurchase Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum loan borrowing capacity	150,000,000
Borrowing base limitations	0
Debt outstanding	$ 0
Repurchase Agreement | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.70%
Debt Instrument, Basis Spread on Variable Rate	1.70%
3.00% Senior Notes due 2030
Debt Instrument [Line Items]
Senior notes principal amount	$ 900,000,000
Senior notes interest rate	3%
Frequency of senior notes payment	semi-annually in arrears on May 15 and November 15
$600M Senior Notes Due Two Thousand Thirty
Debt Instrument [Line Items]
Senior notes principal amount	$ 600,000,000
Senior notes effective interest rate	3.02%
Additional Senior Notes Due Two Thousand Thirty
Debt Instrument [Line Items]
Senior notes principal amount	$ 300,000,000
Senior notes effective interest rate	2%

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease, term	18 years
Operating lease, option to extend	20
Finance Lease, Right-of-Use Asset	$ 13,875	$ 14,578
Finance Lease, Liability	$ 15,030	$ 15,413

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating Lease, Expense	$ 9,422	$ 7,906	$ 26,051	$ 23,395
Finance Lease, Right-of-Use Asset, Amortization	489	454	1,426	1,342
Finance Lease, Interest Expense	106	107	313	324
Short-term Lease Payments	7,395	6,001	20,219	17,752
Lease, Cost	$ 17,412	$ 14,468	$ 48,009	$ 42,813

Leases - Supplemental Informati

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Supplemental Cash Flows Information:
Operating cash flows from operating leases	$ 7,197	$ 7,143	$ 21,301	$ 20,831
Operating cash flows from finance leases	106	107	313	324
Financing cash flows from finance leases	384	347	1,107	1,008
ROU assets obtained in exchange for lease obligations:
Operating leases	11,169	3,711	35,055	23,282
Finance leases	$ 0	$ 187	$ 723	$ 276
Weighted-average remaining lease term (in years):
Operating leases	6 years 1 month 6 days		6 years 1 month 6 days		6 years 3 months 18 days
Finance leases	11 years		11 years		11 years 8 months 12 days
Weighted-average discount rate:
Operating leases	3.40%		3.40%		3%
Finance leases	2.90%		2.90%		2.80%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	23.60%	23.50%	24.30%	22.50%
Excess tax benefit recognized			$ 27,748	$ 37,834