The New Home Company Provides Business Update Ahead of Investor Meetings
September 21 2020 - 6:00AM
Business Wire
The New Home Company Inc. (NYSE: NWHM) today announced a
business update ahead of investor meetings.
The New Home Company (NYSE: NWHM) announced today that net new
home orders totaled 152 for the first two months of the 2020 third
quarter, representing an increase of 100% compared to prior year
period. The company generated 73 net new orders in July on a
monthly absorption pace of 3.2 per community and 79 net new orders
in August on a monthly absorption pace of 3.4 per community.
“We are very pleased with the order momentum we experienced in
the first two months of the third quarter,” said New Home Company
CEO Leonard Miller. “Buyers continue to be motivated by low
interest rates and the desire for single-family home ownership, a
sentiment that has only grown stronger as a result of the pandemic.
All of our markets experienced a significant year-over-year
improvement in absorption pace, and we have taken advantage of the
increased demand with targeted price increases. While we anticipate
our absorption pace will moderate as we head into the end of the
year due to normal seasonality, we believe the positive fundamental
drivers for our industry and our strategic product repositioning
have us well positioned for long-term success.”
“Our order results for the first two months of the third quarter
underscore the strength of the housing market and the appeal of our
new home offerings, which are increasingly targeted at the more
affordable segments of the market,” said New Home Company Executive
Chairman Larry Webb. “Our main strategic focus for some time now
has been to offer the same high quality New Home experience at a
lower price point, and we are really starting to see the benefits
of this shift. As a result, I believe The New Home Company has a
great opportunity to benefit from the wave of new home buyers we
are currently seeing in the market.”
About The New Home Company
NWHM is a new generation homebuilder focused on the design,
construction and sale of innovative and consumer-driven homes in
major metropolitan areas within select growth markets in California
and Arizona, including Southern California, the San Francisco Bay
area, metro Sacramento and the greater Phoenix area. The Company is
headquartered in Aliso Viejo, California. For more information
about the Company and its new home developments, please visit the
Company's website at www.NWHM.com.
Forward-Looking Statements
Various statements contained in this press release, including
those that express a belief, anticipation, expectation or
intention, as well as those that are not statements of historical
fact, are forward-looking statements. These forward-looking
statements may include projections and estimates concerning our
absorption pace, revenues, community counts and openings, buyer
sentiment, impact of the COVID-19 pandemic, the timing and success
of projects, our ability to execute our strategic growth
objectives, gross margins among other projected results. Our
forward-looking statements are generally accompanied by words such
as “estimate,” “should,” “project,” “believe,” “expect,”
“anticipate,” “plan,” “goal,” “will,” “target,” “forecast,” or
other words that convey the uncertainty of future events or
outcomes. The forward-looking statements in this press release
speak only as of the date of this release, and we disclaim any
obligation to update these statements unless required by law, and
we caution you not to rely on them unduly. We have based these
forward-looking statements on our current expectations and
assumptions about future events. While our management considers
these expectations and assumptions to be reasonable, they are
inherently subject to significant business, economic, competitive,
regulatory and other risks, contingencies and uncertainties, most
of which are difficult to predict and many of which are beyond our
control. The following factors, among others, may cause our actual
results, performance or achievements to differ materially from any
future results, performance or achievements expressed or implied by
these forward-looking statements: a pandemic, epidemic, or outbreak
of infectious disease or similar threat, including COVID-19, a
recession in the U.S., which could include, among other things, a
significant decrease in demand for our homes or consumer confidence
generally with respect to purchasing a home, volatility in the
mortgage interest rates, declines in employment, nationally and
locally, the impact of legislation designed to provide economic
relief from a recession, the inability of employees to work and of
customers to visit our communities due to government movement
restrictions or illness, disruptions in our supply chain,
inconsistencies in the classification of homebuilding as an
essential business during the COVID-19 pandemic, recognition of
charges which may be material for inventory impairments or land
option contract abandonments; a downturn in the homebuilding
industry; changes in sales conditions, including home prices, in
the markets where we build homes; shortages of or increased prices
for labor, land or raw materials used in housing construction;
adverse weather conditions and natural disasters (including wild
fires and mudslides); our concentration in California and
additional factors discussed under the sections captioned “Risk
Factors” included in our annual report and other reports filed with
the Securities and Exchange Commission. The Company reserves the
right to make such updates from time to time by press release,
periodic report or other method of public disclosure without the
need for specific reference to this press release. No such update
shall be deemed to indicate that other statements not addressed by
such update remain correct or create an obligation to provide any
other updates.
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version on businesswire.com: https://www.businesswire.com/news/home/20200921005079/en/
Investor Relations Drew Mackintosh 949-382-7838
investorrelations@nwhm.com
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