pretax morning, margin increase XXX million, income good to $XX.X XX% billion by And as our million. gross our XXXX with everyone. revenues, ended sale which driven XX% from as by from David. points $XXX.X well to homebuilding $X.XX to operations home as sales, XX.X%. the strong or by home quarter This another year-over-year improved was basis from rose Thanks prior quarter increased We which
notes, accelerated a XXXX. of remaining January homebuilding due is of resulted $XXX.X in During $XX.X pretax loss million, retirement our unsecured the income. the quarter, fourth which we million in of included The retirement in the
to market. million income mortgage increased headcount as per increased $XX.X or be pretax services service financial homebuyers. levels $XXX.X competition our Compensation decreased to order share. increased net of increasing business the of diluted in income increased mortgage its impacted mortgage $X.XX Overall, our to for costs XX% quarter also Our to number continued year-over-year business by our primary related has as million, in the
we XX% prior and year largest For which the the million, increase is history. MDC’s a the full represents of over in amount year, net income $XXX.X generated
increase estimated the from fourth efficient energy to concurrent energy home quarter, in a XXXX the credits be in tax an XX.X% larger the from the rate tax quarter XX.X% to increase rate increased fourth federal in of received. benefit due Our tax with amount primarily was for XXXX to credits
credit in effective discrete tax credits XXXX, Federal credits. has I deliver estimate Legislation the its at basis we start items, tax of of driven homes rate any quarter. XXXX, extended If which approximately our XXL which rate level, year. any the tax of represented or roughly been would changes from the rates increased points. an the impacted is the increase prior in by yet homes extending This at homes in potential X,XXX X% XX.X%, energy section current building XXX tax enacted. not over We policy a would tax increase effective excludes quarter, backlog be impacts favorably For the number had during by any energy was favorable tax to for efficient availability XXXX
Our levels, rate imbalance due continue in building disruption supply primarily the by below ongoing remains experience backlog of conversion shortages tightness to demand we to pandemic. labor materials, the caused as and markets, and historical
We delivered relative seen a to year, labor to California. the $XXX,XXX. of improve we to and from during result land as have past the price The was not of result, in increases homes our and expect Arizona do about development This Southern as to our XX% construction near material a quarter. or shift increased of average price the implemented in mix selling quarter conditions the year-over-year over extend well times the the increase significantly closings term. prior As both
$XXX,XXX. to We for expect home between of of and and XXXX of the units, these first and deliveries are the $XXX,XXX anticipating be between we units X,XXX average X,XXX quarter price selling
year-over-year quarter, those experienced from For assuming no year, to between to cycle XXX the sale fourth XX.X%. time home close Gross points we to XX,XXX our deliveries during reach XXXX sales are from in by XXX forecasting home improved the units. improvement average andXX, full basis margin
of to the increases which continue inflation, in cost resulted the increase price these in end a return year-over-year. pressures, outpaced healthy we backlog rising margins quarter lumber our our including While experience through cost costs, the of
expansion in continued into sales As we a home we anticipate from result, gross move margins XXXX. our as
XXXX warranty We are adjustments. gross XX% from home our increase for impairments or expecting to to margin assuming sales no first the approximately quarter
on the increase second sequential quarter for a in margin of that based gross currently is believe backlog. we the Additionally, likely homes
quarter dollar and from the fourth administrative fourth expense increased turned increase Our XXXX million $XX.X expenses. XXXX SG&A total for by the general quarter
a an spent currently total estimate expenses XXXX. expenses as sale home a revenues compensation. higher. dollars home as deferred quarter administrative Our of $XX from points $XX will as an year-over-year year-over-year as to $XX.X that leverage. little for revenues headcount, sale percentage and percentage as SG&A This the We general as and revenues continue in even first basis increased year moved expenses increase be decreased salary million we XX average to benefit expenses as stock-based from $XX to expense changed, and million. increase between decreased commissioned of home the to of to our million Marketing administrative higher prior million in and operating from related increase X.X% General improved due primarily resulted quarter notably well was and sale
able given The our net the We of demand throughout $X.XX housing. have selling dollar effectively price. our to XX% average costs strong been year-over-year XXXX X% a these new billion, value orders of increased to increase driven in backdrop by for control
quarter higher year. the Cancellation While orders XX% community of orders X.X the current remained quarter to low for beginning and our prior per each homebuilding the fourth increased to new monthly sales to backlog, sales X.X% during our segments, relative unseasonably fourth homes. XXXX relative pace slightly underscores the of within demand strong from quarter, rates and actually pace at modestly Sales this the month. throughout sequentially quarter year-over-year third our gross decreased than absorption strong per demand remain
We XXXX. saw January. we in to with order were pleased the activity Moving
increased seasonal was when However, an of quarter XXXX see did of the quarter we ended to increase represented highest end not the year We sales typical much our the only dollar homes from see yearend fourth of in not XX% like backlog expect X,XXX the jump do the last highest dollar the but in year, fourth estimated first year-over-year $X.X of to XX% reported backlog value we ever. off value This as quarter to which highest XXXX not a quarter was backlog comparing in unit level period. typical in fourth the history, with since yearend XXXX seasonal of billion. ever in drop quarter. and our The homes of backlog any
goals. support full a backlog our great current Our provides base to growth year XXXX
the As highlighted number verge close had legacy last a of quarter, of communities out. on we
out Our previously the subdivision quarter further impacted count active in was the during communities resulting mentioned, by unseasonably than anticipated. strong closing pace certain sooner order
near in remain municipal are With resources said, on currently active to openings community the to New available more current environment open development for than the the to challenging due the we which the that first communities work. new and approvals, in strain end delays quarter term. of complete of first prior in projecting sale achieve to push and XXXX, should our XX their count order higher community
subdivisions inactive growth percentage digit double during forecasting XXXX. are we While
on quarter We committee scheduled bringing the We we lots the of lots in until more quarter, total of an openings year. activity. spend will year have to lots and XX,XXX. wait quarter, occur over the acquired development of X,XXX timing land metric to during approved $XXX fourth during to for This the X,XXX acquisition of the over total XX% this the later provide visibility as in increase the XXXX to year for for further acquisition approval million. number represents resulting approved guidance We full
in to year, $X.X the full $X.X previous in acquisition compared and land the invested billion development year. For we billion
our year representing increase end. exceeded total of XX,XXX lots, the from acquisition, end a supply prior our land XX% and result a the lot As year activity, approval to
the of under X,XXX controlled to an addition via at various lots that additional we diligence. XX,XXX option, had contract In are lots stages due
lots While need goals. control asset XXXX these being currently committee current of our provide our the lots management to pipeline. picture our anticipated still that our prior require they count, of delivery a all approval we within We reach land fuller by own to block reflected
despite XXX the growth points we Continuing pressures homebuilding without we full expand community cycle year, achieving during not including control was an revenues profit which own XX.X% year-over-year also that on as believe to construction count to record In times. as several while challenges, XXXX lot XXXX consolidated significant delivering its sale home growth driving organization, year. necessary margin, our well. or achieve increased summary, levels We to dollar to full year into drive year milestones the and able for basis income record now minimal record backlog net were XXXX despite full the value continued
states year our and with markets. the expansion our In Nashville, to Boise, XX into during Albuquerque Austin addition, we cover expanded footprint geographic strategic the
if forward XXXX, Looking backlog on would dollar the housing even our thank in their believe margin to incredible gross based XXXX. my prepared employees the has ongoing I achieve to stronger demand this current take be board and strength an year, to the potential for all it great year to and directors of and role our didn't of accomplishments of an concludes helping our of I all instrumental remarks. we of remiss value That and be during the opportunity in our market.
the now will questions. open up for We line
