per with show monthly sales by community a I Ara. XX, continuing start our contracts our will discussion price. to On slide respect on basis. the we Thanks,
a month the the in Here show same month in most gray. ago recent year and blue we
community or than community in For of year. to flat months, sales A choppiness past our of during both month contracts reported our per was and the peers were XX XX of up per were same equal June while number sales the summer prior current and the year-over-year. the May months, better July
of to contracts July, some a most in in X X.X which had decline sales likely August believe event the national forward. we pulled is showed due to partially compared August, that the For demand per of in last community we We recent year. month August
net our calendar over increased absolute the September, level days period contracts For the of nine contracts year. per weeks, the two of both last net our last same and community first including
results that ventures on in Now, show of this let last me year's quarter to continue from to $XX increased million our update On XXXX. second in third trend slide compared the the expect XX, quarter. ventures. quarter. million in joint our the joint $X we third improving our from to income booked we joint joint you a loss million venture million by Sequentially, income this quarter $X venture income would the into $XX year's of over We fourth of increased
Next, I our to efforts will community discuss count. grow our
accomplished our control growing of significance newly sequentially first controlled million our The quarter step newly of for the increase land the XXXX, our controlled we during lots the home our of homes our spent about X,XXX We XX% quarters increasing total slide controlled end we increased increase XX, year-to-date, we lots. of X,XXX. months controlled and land third and X,XXX three position is year-to-date that, lots, on you of position, land land resulting XX, nine first by the see added XX% slide quarter of X,XXX and consolidated during and lots development each deliveries. $XXX equaled XXXX. our lots show year-over-year. delivered third in can controlled On and Further first XXX% year-over-year the at lots of On the which an demonstrating
opens and This lag significant our continued option lot for five in time Our in sale homes. can three remain supply most a option New from the good recent sales Throughout lag time fiscal when land lot construction a position unchanged. and controlled Jersey. quarter, made market demonstrates of is and the price, to Increase ultimately the contract through land focus through and California while on turnover There virtually we’ve can further in deliver as a especially markets to like in years rebuilding community we from remained vary standards XXXX, XX%, when our pace and few owned disciplined progress in inventory position like Houston our initial our using land increased months by sales home costs. our well. the contracts current underwriting to
report the that most is to and, importantly, community mistakenly of are even pleased majority our our held lot which are still investors there in supply, revenues certainly Many not remain land focused can case. our we is so count, grow work profitability. While an the by our our believe recognize more do. to further, options land on increase We land we we increasing supply banks,
the through of of As lots we contracts. end XX,XXX fiscal of option quarter third the XXXX, controlled
can see compared our X% with year's the total land options you of to XX% of end last for As banking only land on banks. currently the XXXX are Land lot X% lot of end of at slide of declined us third at quarter third the options and quarter. our banks at XX, fiscal peaked
the peak, at have many with even land options So, did all lot we bankers. not that
Although in not to as to had continue needs transactions liquidity we of have terms them. supply of land banking the aggressively late simply improve, pursue
of land, larger opportunities find to parcels in invest the to likely we acquisition more will forward. land-bank As we going some begin
value not including of of impairments. industry have inventory. of recovery. book inventory and and believe will We the the are On the to ROI to expense. inventory peers. owned, operating this metric. half us metric remain in slide our mothballed pure the industry before is as for This one still this of operating show measures key and We housing we at $X.X top the consolidated further homebuilding believe not we billion million We $XX XX-month Looking EBIT interest of trailing of all we aggregate, compared in normalized the This into inventory on we XX, pure improve at the get impact million ROI debt. when communities the for of an net peers levels, neutralizes metrics EBIT metric but our entire $XXX performance the our communities industry's to
ways our we this of the is focus achieve One were to able maintaining inventory on turns.
to our second-highest you we XX, Turning trailing turnover months. rate over have peers, the that to compared XX see slide the inventory
higher highest turns we turnover turns key XX% inventory below are NVR's us. of strategy. are number, peer lag a our the overall industry-leading component next our Although, High than
our Another area asset tax for discussion deferred valuation allowance. to is related
asset tax of it. We've the end $XXX is sheet. not Our quarter currently protect fiscal our to taken balance deferred very aggregate the XXXX, million. valuation in on the was our allowance and numerous steps reflected third significant At of
have of XX, a approximately future that million. We of slide taxes billion income earnings. to federal pay will $XXX the on quarter show total with $X.X pretax we cash we deficit third not ended On shareholders’
$XXX our be we no can would add this back we slide, we anytime valuation and balance did million. equity believe soon. our as time, Over you If repair our that on equity current issuing allowance, sheet then shareholders’ a positive have intentions of
liquidity Now, position. current let on comment me our
off million. million, high-end million As million we seen $XXX during of land the quarter, targets the XX, paying quarter the spending on liquidity is with slide of after which $XXX third of and and at on million liquidity $XXX between ended debt our $XX $XXX
We land our continue increases ultimately to our sources of have in to further should drive ample liquidity community grow position, count. which
XX, as XXXX. as of July On of show XX, looked the our top profile maturity slide we it
bottom it commitments. the two have look of we On funding After not how upon remaining of GSO XXXX. maturities GSO the show fiscal until financing will will financing, the of the final significance page, any we
a XX, XXXX. GSO our super-priority we Turning a million which first loan this making for we use to secured in draw revolver/term from $XXX later anticipate have senior million repay this due to secured loan, will term month. slide $XX the we commitment
provide with tack-on grow can liquidity January million to liquidity GSO our $XX additional with us we provides Additionally, to due current to our committed in transactions at facility capital Furthermore, our into of these providing senior existing another believe has land purchase levels reinvest us, growth. we will million fuel Combining our million to of will help addition XXXX. of the $XX of counts. a total yields two via in that XXXX, incremental $XX community XX.X% notes then current secured
our capital We further and our will position. to ways evaluate financial to continue structure explore improve
fourth XX, fiscal like our Turning XXXX I strong expectations to quarter. slide discuss now a would for to
our as report with of XX.X% current market and revenues million, million X% margins between $XXX in be Assuming to to in percentage no we XX%. XX.X% be a of fourth-quarter gross the and revenues between $XXX to changes SG&A total expect to and conditions, range total results
the or and to land-related fourth $XX million our of for Excluding profit on expect quarter million. $XX be between extinguishment pretax charges gains XXXX of losses debt, fiscal we and
remarks. Now, I’ll some back closing turn for it brief to Ara
