Rising prices lead to revenue growth despite order declines
According to NVR's third quarterly report for 2022, an increase in average settlement and order prices has led to an uptick in revenue in NVRs homebuilding operations. While the unit of orders declined, the price hike has made up for revenue that would have been lost. Rising mortgage rates have deterred customers from making new orders and increasing cancellations. While orders placed have been down, profit has benefited from the rise in settlement prices, giving NVR more pricing power.
Balance SheetIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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