morning. good and Ryan, Thanks,
seen through Our in teams delivered quarter. production the challenging Starting be outstanding an our have can in we which navigating statement. results job and the with the income financial done exceptional operating environment,
were X% quarter in average XX% third move-up year realized third average XX% up In adult. Our combination price and in up third quarter X% across increase from the an revenues adult were over X,XXX to in all to X%. XX% price move-up $XX,XXX last homes by increase The buyers X%, a and closings driven home reflects move-up billion. buyer $XXX,XXX. or first-time, XX% year's homes increased in we in active XX% buyers, sales we've first-time The with active up realized delivered included from sale and was adult first-time mix increase revenues from delivered for homes buyers. price $X.X were groups, increases XX% third the of of The quarter quarter, in to XX% last with higher active the meaningful XX% sales
year XX% decrease quarter was a from last in which primarily Our driven net for X,XXX homes, were XX% third new count. community represents the orders that year-over-year a decline by
by for our communities buyer as to paces sales current were build restrict sales actions open manage sales fewer In work first-time impacted manage to addition The actions communities, were better we volumes. outright production and with to to our orders pace communities. align ongoing within to toward the inventory more strategically period spec Centex targeted frequently branded up
orders Looking more at detail. our a quarter third in little
an driven with orders year. we our market with XX% community active comparable first-time decreases last the by of count, communities. XX% was restrict average decrease to XXX from of driven by only X%, decreased This and our Consistent with XX% Our adult XXX contrast, from last community and first-time recent sales orders quarter, this respectively, year. our buyers which XX% from compared In in third primarily down guide In was average communities. X% X% in last as down year's count and is actions compared was respectively. buyers our operated update, move-up the from decreased
our be should to XXX in low communities. move through realize watermark allow for to a community we pipeline existing count count year expect we community approximately as ramp-up XXXX. increase Further, our quarter the QX Our active to community us count as the fourth land meaningful should
on fourth part XXXX quarter call. our practice, as more is As earnings our provide specifics we will community of count
third quarter, XX,XXX XX% the was up to homes homes. year. Our re-spec. and increases we over At even of price unit over increased The benefited this course XX% end XX% greater from at billion robust of of year of had third an the under XX% XX,XXX quarter we of end were the value sold to backlog construction, the our as backlog realized which the last dollar $XX.X
spec quarter our the period tightly more have production but as availability, we to meant this align XXX sales we many appropriate almost second seek of production. In as than Centex spec has this action pace working instances, we communities. feel have the better in the controlling increase is order current did to particularly current We in our in been homes we with rates,
of early are than faced XXXX, XXX XX% cycle helping in can about that have complete to key these in specs XXXX. of supply are stages Given We we only homes X/X the dynamics company sold construction of specs, gaps of rather within units our in closings of these for finished needed units position our are as production the the and providing we these in building similar to construction, products homes. the and see earlier
for homes, of fourth say conditions, appropriate last there an and in which year. fourth are currently guide deliveries quarter, coupled fourth approximately deliver increase from has the to we ongoing outcomes would represent update $XX,XXX fourth in conditions, the quarter last be market. our that gleaned of the over strong the of to backlog positives homes limited increased but to of demand, it with across quarter to environment, difficult to of prices XX% X,XXX Reflective $XXX,XXX. one XX% the price challenging supply higher these year or is Given average quarter believe the supported It's expected expect these over our production
more expected to is in to year. half our an midpoint, to see the of benefit expected over backlog will our than of we $XXX,XXX. would increase last XX% this closing rising fourth end to continue approximately as in quarter represent deliver quarter the is Although be our $XXX,XXX At of average XXXX, price prices
margin over basis gross quarter points year increased reported to in homebuilding XXX the Our XX.X%. third last
XXX the this last the X.X%. as our of prices over It's worth XX to second that past to basis fell basis by from and is from closings year. pricing in the lumber year. elevated earlier another year quarter gross period quarter to points third industry down that This absorbed margin contributed step attest points year, down environment the the incentives in strong conditions market X% noting the experienced the strong expanding discounts also from our this Given down
strong demonstrates, costs incurring said challenged to houses within through allowed buyer higher get environment. and we company knowingly expenses today's labor the increase has additional experienced. the margin we've material as and demand our discussed, operating built to That are As pass Ryan
absorbing are influenced being get over by our addition margins the are short homes homes closed. term build to mix reported gross incremental of the In we to the costs completed,
over to get last quarter to to represent expansion close homes paying of XXXX. also material, margin points gross or coupled fourth into set added and close expect As fourth XXX fourth XXXX we're increase slipped fourth XX quarter basis logistics certain be year's reported an expect currently of increase quarters momentum conditions as the market expect basis pushed the been the in see our and as year. up the QX gross fourth changing our homes third an our to highlighted gross and to quarter XX.X%. expansion with XXX coupled experienced, result the said, quarter, we conditions margin would should we've but the mix to of XX.X% recent we next the update, strong homes QX into us This and labor costs on expected out others in we of opportunity closings, closed, year's of pricing These costs we the of this are realize over we We XX XXXX. points XXXX. quarter head of in the in we currently third in into margin this with lumber to build further in That lower impacting the with margins to that have gross in
$XXX revenues. a period $XXX of million year million sale home X.X% X.X% expense comparable SG&A SG&A was expense or Prior for third for the quarter sale revenues. for Our home the was
Given [Technical closings, there's to to of to range we in home revenues. the quarter increase Difficulty] in still of X.X% expect expected fall sale a upcoming X.X%
our Looking services financial operations. at
quarter year. third $XX pretax million income $XX Our million last was versus
XX.X%. in tax tax associated credits million, as effective effective for The million of much lower In of quarter energy period, profitability benefit $XX we case realized was comparable offset third prior rate have conditions. with of per loan year given in higher period. rate company's an expense the the been has competitive origination for XX% year, recognized volumes was As more tax the tax the $XXX by reported this been our market a
million of quarter, million compares $X.XX credits, impact the or with For income tax the $X.XX income, per net the or prior our third $XXX reported share. share. per was net This $XXX energy adjusted year excluding of
over Moving the to balance sheet.
common business $X.X significant cash which or is of stock continued repurchased the with in in million share. to million an shares after shareholder Our investment allowed and at of about second our this quarter per $XX.XX X.X average cash million of X% outstanding quarter million for quarter, generate end we the $XXX the flow, quarter. $XX increase $XXX to business continues price the of shares us strong of the distributions sequential year. billion The in from In repurchase a
previously, shareholders prepared stated to allocate As conditions more are to we capital as fully warrant.
XXXX were position, the third net the XX% under at Adjusting at quarter from almost third of approximately is quarter. of our This acquisition end which our $X the spend cash land was keeps We would $X.X controlled and development quarter quarter be track the which in invest We to X.X%. with last with XX.X% a options. and the billion over an year. on total also land year. last billion invested land-related of in us brings down development third We acquisition of ended debt-to-capital in XX.X%, increase our ratio end for $X.X billion XX% for which of lots of to XXX,XXX and the ended year, the debt-to-capital approximately ratio through control,
have land job and outstanding We're particularly market while their more bank success done and that efforts risk. a efficient reduce divisions realized. an helping our building they've the land to proud extremely teams Our of
turn let back the Now call Ryan. me to
