NVR says new orders in Q3 decreased by 16% to 4,735 units

New orders in the third quarter of 2025 decreased by 16% to 4,735 units, when compared to 5,650 units in the third quarter of 2024. The average sales price of new orders in the third quarter of 2025 was $464,800, an increase of 3% when compared to the third quarter of 2024. The cancellation rate in the third quarter of 2025 was 19% compared to 15% in the third quarter of 2024. Settlements in the third quarter of 2025 decreased by 5% to 5,639 units, compared to 5,908 units in the third quarter of 2024. The average settlement price in the third quarter of 2025 was $454,000, which remained relatively flat when compared to the third quarter of 2024. Our backlog of homes sold but not settled as of September 30, 2025 decreased on a unit basis by 19% to 9,165 units and decreased on a dollar basis by 17% to $4.39 billion when compared to the respective backlog unit and dollar balances as of September 30, 2024