- Net New Home Orders in May More Than Double Orders in April-
- Net New Home Orders in California up 7% in May Year-Over-Year-
IRVINE, Calif., June 01, 2020 (GLOBE NEWSWIRE) — TRI Pointe Group, Inc. (NYSE: TPH) (the “Company”) today announced net new home orders for the months of April and May 2020 in anticipation of upcoming meetings with investors.
Net new home orders for April 2020 were 235 (1.6 orders per community per month) compared to 507 (3.5 orders per community per month) for the prior-year period, a decrease of 54%. Net new home orders for May 2020 were 472 (3.3 orders per community per month) compared to 498 (3.4 orders per community per month) for the prior-year period, a decrease of 5%. The rate of cancellations as a percentage of gross orders was 36% and 23% for the months of April and May 2020, respectively.
“As we discussed on our most recent earnings call, COVID-19 and the related shelter-in-place orders significantly impacted our April order demand, but we started to see improvements during the second half of April and into May,” said TRI Pointe Group Chief Executive Officer Doug Bauer. “Our May orders were more than double our April order volume, with only a 5% decline compared to May 2019, which we believe shows how well the Company has responded to this pandemic. Further, we believe that low inventory levels, attractive interest rates and an increasing desire of consumers for the comfort and safety of owning a home are other key drivers that have contributed to the sales trends we have experienced recently. We have seen demand return in substantially all of our markets, including in California, where May 2020 orders increased 7% compared to the prior-year period. I’m happy to report that we are currently able to construct homes in all of our markets, and we have started to re-open our new home galleries in most of our markets for walk-in traffic.”
About TRI Pointe Group®
Headquartered in Irvine, California, TRI Pointe Group, Inc. (NYSE: TPH) is a family of premium, regional homebuilders that designs, builds, and sells homes in major U.S. markets. As one of the top 10 largest public homebuilding companies based on revenue in the United States, TRI Pointe Group combines the resources, operational sophistication, and leadership of a national organization with the regional insights, community ties, and agility of local homebuilders. The TRI Pointe Group family includes Maracay® in Arizona, Pardee Homes® in California and Nevada, Quadrant Homes® in Washington, Trendmaker® Homes in Texas, TRI Pointe Homes® in California, Colorado and the Carolinas, and Winchester® Homes* in Maryland and Virginia. TRI Pointe Group was named 2019 Builder of the Year by Builder and Developer magazine, recognized in Fortune magazine’s 2017 100 Fastest-Growing Companies list, and garnered the 2015 Builder of the Year Award by Builder magazine. The company was also named one of the Best Places to Work in Orange County by the Orange County Business Journal in 2016, 2017, 2018 and 2019. For more information, please visit www.TriPointeGroup.com.