NVR reported a decline in third quarter 2026 results, with consolidated revenues falling 8% year-over-year to $2.40 billion. Profitability was significantly impacted by a combination of lower settlement volumes, pricing pressure from affordability challenges, and rising lot costs that weighed on the homebuilding segment.
Key Highlights
- Homebuilding gross profit margins contracted to 18.3% from 21.0%, driven by higher lot costs and $24.8 million in contract land deposit impairments.
- New order volume decreased 7% to 4,391 units, while the average sales price of new orders fell 5% to $442,100.
- The cancellation rate increased to 21% from 19% in the prior year, reflecting continued consumer sentiment headwinds and affordability constraints.