Financial Performance - In Q3 2025, new home deliveries were 1,217, with an average sales price of $672,000, resulting in a 27% decrease in home sales revenue to $817.3 million[136] - Net income available to common stockholders declined by 50% to $56.1 million, with diluted earnings per share decreasing by 46% to $0.64[136] - The total revenues for the nine months ended September 30, 2025, were $2.44 billion, down from $3.19 billion in the same period of 2024[139] - Home sales revenue fell by $296.4 million to $817.3 million for the three months ended September 30, 2025, primarily due to a 402-unit decrease in new homes delivered[145] - Home sales revenue decreased by $747.1 million to $2.4 billion for the nine months ended September 30, 2025, primarily due to a 1,129-unit decrease in new homes delivered[161] Orders and Backlog - Net new home orders for Q3 2025 decreased by 21% to 995, attributed to a 22% decrease in monthly absorption rates[140] - The backlog units at the end of the quarter stood at 1,298, with a dollar value of $1.0 billion[137] - Backlog units decreased by 44% to 1,298 as of September 30, 2025, with a dollar value of backlog at $1.0 billion, down from $1.7 billion a year earlier[143] - Net new home orders decreased by 1,353 units, or 29%, to 3,364 for the nine months ended September 30, 2025, compared to 4,717 in the prior-year period[159] Market Segments - The West segment experienced a 27% decrease in net new home orders, while the Central segment saw a 20% decrease[142] - The East segment reported a 2% increase in net new home orders, driven by a 26% increase in average selling communities[142] - The average selling communities increased by 1% despite the overall decrease in net new home orders[140] Expenses and Margins - Homebuilding gross margin percentage decreased to 20.6% for the three months ended September 30, 2025, down from 23.3% in the prior-year period[148] - Homebuilding gross margin percentage decreased to 21.7% for the nine months ended September 30, 2025, down from 23.3% in the prior-year period[165] - Total sales and marketing and general and administrative expenses decreased by $15.3 million to $105.2 million, with total SG&A as a percentage of home sales revenue increasing to 12.9%[151] - Total sales and marketing and general and administrative expenses decreased by $15.3 million to $316.8 million, but as a percentage of home sales revenue, it increased to 13.1% from 11.0%[167] Financing and Debt - The homebuilding debt-to-capital ratio was 25.1%, indicating a strong balance sheet to support growth initiatives[137] - The ratio of homebuilding debt-to-capital increased to 25.1% as of September 30, 2025, up from 21.6% at December 31, 2024[192] - Interest incurred for financing land acquisitions and home construction totaled $20.0 million for the three months ended September 30, 2025, down from $25.3 million in the prior year[154] - Interest incurred for financing land acquisitions and home construction totaled $61.6 million for the nine months ended September 30, 2025, down from $91.8 million in the prior-year period[170] - The company had $450 million of outstanding debt under the Term Facility with an interest rate of 5.32% as of September 30, 2025[185] Cash Flow and Liquidity - As of September 30, 2025, total liquidity was $1.6 billion, consisting of cash and cash equivalents of $792.0 million and $791.0 million available under the Credit Facility[176] - Net cash provided by operating activities decreased by $395.3 million to cash used of $59.6 million for the nine months ended September 30, 2025 compared to the prior-year period[194] - Net cash used in financing activities was $74.0 million for the nine months ended September 30, 2025, compared to $503.0 million in the prior-year period[194] Shareholder Actions - The company repurchased and retired 6,975,460 shares of common stock for $225.9 million during the nine months ended September 30, 2025[190] Financial Services - Income before income taxes from financial services operations decreased to $4.1 million for the three months ended September 30, 2025, compared to $5.4 million for the prior-year period[157] - The financial services segment reported income before income taxes of $13.4 million for the nine months ended September 30, 2025, down from $15.9 million in the prior-year period[173] - Total mortgage loan originations increased to 703 loans with a principal amount of $371.6 million for the three months ended September 30, 2025, compared to 430 loans totaling $209.2 million a year earlier[158] - The average FICO score for loans originated was 757, slightly down from 759 in the prior year[158] Market Conditions - Inflation in the United States has remained moderate through the first half of 2025, but elevated compared to the Federal Reserve's target, impacting construction costs and consumer demand[200] - The future path of Federal Reserve policy remains uncertain, which may further influence inflation and mortgage rates, affecting homebuyer affordability[200] - Seasonal variations affect the company's quarterly operating results, with typically more home orders in the first half of the fiscal year[201] Land and Options Management - The company employs land banking arrangements and option contracts to manage financial and market risks associated with land holdings[196] - The company may face challenges in procuring options from land sellers in strong housing markets, affecting its land acquisition strategy[196] - Lots owned decreased by 1,109 units, or 6%, to 16,044 as of September 30, 2025, compared to 17,153 in the prior-year period[175] - Total lots owned or controlled decreased by 750 units, or 2%, to 32,738 as of September 30, 2025, compared to 33,488 in the prior-year period[175] Compliance and Accounting - As of September 30, 2025, the company was in compliance with all financial covenants under the Credit Facility[189] - There have been no significant changes to the company's critical accounting policies and estimates during the nine months ended September 30, 2025[202] - The company did not utilize any derivative financial instruments related to interest rates or commodities during the nine months ended September 30, 2025[204]

Group 1 - The article does not provide any specific information or insights regarding a company or industry [1]

Financial Data and Key Metrics Changes - In Q3 2025, the company closed 1,217 homes at an average sales price of $672,000, generating $817 million in home sales revenue, exceeding delivery guidance [4][11] - Adjusted homebuilding gross margin was 21.6%, excluding $8 million of inventory-related charges, while adjusted net income was $62 million or $0.71 per diluted share [4][11] - The company ended the quarter with $1.6 billion in total liquidity, including $792 million in cash, and a debt-to-capital ratio of 25.1% [6][14] Business Line Data and Key Metrics Changes - Net new home orders in Q3 were 995, with an absorption pace of 2.2 homes per community per month [11][12] - The absorption pace varied regionally, with the West at 2.3, Central at 1.8, and East at 2.8, indicating stronger performance in the DC Metro and Raleigh divisions [12] Market Data and Key Metrics Changes - Market conditions remained soft, with homebuyer interest muted due to slow job growth and economic uncertainty [6][10] - The company anticipates that home shoppers will re-engage when conditions stabilize, leading to normalized absorption rates [6][10] Company Strategy and Development Direction - The company is focused on inventory management, disciplined cost control, and increasing the mix of to-be-built homes over time [7][9] - It aims to grow community count by 10% - 15% by the end of 2026, with significant expansion in central and eastern regions [8][9] - The strategy includes investing in well-located land positions near employment centers and amenities, with over 32,000 lots controlled [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth despite near-term uncertainties, emphasizing a disciplined approach to capital allocation and shareholder returns [10][16] - The company expects to deliver between 4,800 and 5,000 homes for the full year 2025, with an average sales price of approximately $680,000 [15] Other Important Information - The company repurchased 1.5 million shares for $51 million in Q3, totaling $226 million year-to-date, reducing share count by 7% [4][5] - The company was recognized as one of Fortune's 100 Best Companies to Work For in 2025, reflecting its strong corporate culture [16] Q&A Session Summary Question: Monthly cadence of orders and incentives - The monthly cadence was consistent, with September performing slightly better than August, and incentives on deliveries were 8.2% for the quarter [18][19] Question: Sales pace floor and incentives - The company is focused on maintaining a sales pace between two and two and a half homes per community, with strong community count growth anticipated for 2026 [20] Question: Financial incentives breakdown - About a third of the 8.2% incentives were financing-related, including closing costs [24] Question: Average order ASP and future closings - The average order ASP decreased to approximately $654,000, and it is reasonable to expect closings ASP to align with this level [27] Question: SG&A guidance for Q4 - The SG&A guidance reflects better leverage due to higher revenue from increased deliveries, with no significant one-time items [30] Question: Gross margin expectations - The gross margin guidance is better than expected due to a favorable mix from strong margin divisions [31] Question: Spec inventory strategy - The company reduced total spec inventory by 17% quarter-over-quarter, focusing on a balanced approach moving forward [41] Question: Community count growth and pricing strategy - The company intends to maintain its premium brand positioning without significant initial pricing adjustments, focusing on value [44] Question: Affordable housing push - The company supports the administration's goal of increasing housing supply and is prepared to contribute through its community count growth [47] Question: Q4 starts and inventory management - Q4 starts are expected to be similar to Q3, with a focus on moving through existing inventory before normalizing strategies [59]

Financial Data and Key Metrics Changes - In Q3 2025, the company closed 1,217 homes at an average sales price of $672,000, generating $817 million in home sales revenue, exceeding delivery guidance [4][11] - Adjusted homebuilding gross margin was 21.6%, excluding $8 million of inventory-related charges, while adjusted net income was $62 million or $0.71 per diluted share [4][11] - The company ended the quarter with $1.6 billion in total liquidity, including $792 million in cash, and a debt-to-capital ratio of 25.1% [6][14] Business Line Data and Key Metrics Changes - Net new home orders in Q3 were 995, with an absorption pace of 2.2 homes per community per month [11] - The absorption pace varied regionally, with the East at 2.8, the West at 2.3, and the Central region at 1.8 [12] - The company invested approximately $260 million in land and land development during the quarter, ending with over 32,000 total lots [13] Market Data and Key Metrics Changes - Market conditions remained soft, with homebuyer interest muted due to slow job growth and economic uncertainty [6] - The company anticipates that home shoppers will re-engage when conditions stabilize, leading to normalized absorptions [7] Company Strategy and Development Direction - The company is focused on inventory management, disciplined cost control, and increasing the mix of to-be-built homes over time [7] - Long-term goals include scaling operations, growing community count, and increasing book value per share [8] - The company plans to end 2025 with approximately 155 communities and expects to grow community count by 10 to 15% by the end of 2026 [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating housing cycles and emphasized a focus on long-term growth despite near-term uncertainties [7][16] - The company is encouraged by new market expansions in Utah, Florida, and Coastal Carolinas, expecting meaningful growth beginning in 2027 [8][10] Other Important Information - The company repurchased 1.5 million shares for $51 million in Q3, totaling $226 million year-to-date, reducing share count by 7% [4][5] - The company was recognized as one of Fortune's 100 Best Companies to Work For in 2025, reflecting its culture and values [16] Q&A Session Summary Question: Monthly cadence of orders and incentives through the quarter - The monthly cadence was consistent, with September performing slightly better than August, and incentives on deliveries were 8.2% for the quarter [18][19] Question: Absolute floor for sales pace and incentives - Management indicated that the industry is landing between two and two and a half homes per community per month, with strong community count growth expected in 2026 [20] Question: Breakdown of financial incentives - About a third of the 8.2% incentives were financing-related, including closing costs [24] Question: SG&A guidance for Q4 - The SG&A guidance reflects better leverage due to higher revenue from increased deliveries, with no specific one-time items impacting it [30] Question: Gross margin guidance - The gross margin guidance is better than expected due to a mix of strong-performing divisions and increased incentives [31] Question: Spec inventory strategy - Approximately three-quarters of orders are running as specs, with a focus on balancing inventory and demand [40][41] Question: Community count growth and pricing strategy - The company aims for community count growth of 10% to 15% next year, maintaining a premium brand proposition without significant pricing changes [44]

Financial Data and Key Metrics Changes - In Q3 2025, the company closed 1,217 homes at an average sales price of $672,000, generating $817 million in home sales revenue, exceeding the high end of delivery guidance [4][10] - Adjusted homebuilding gross margin was 21.6%, excluding $8 million of inventory-related charges, while adjusted net income was $62 million or $0.71 per diluted share [4][10] - The company ended the quarter with $1.6 billion in total liquidity, including $792 million in cash, and a debt-to-capital ratio of 25.1% [5][12] Business Line Data and Key Metrics Changes - Net new home orders in Q3 were 995, with an absorption pace of 2.2 homes per community per month [10] - The absorption pace varied regionally, with the West at 2.3, Central at 1.8, and East at 2.8, indicating stronger performance in the DC Metro and Raleigh divisions [11] - The company invested approximately $260 million in land and land development during the quarter, ending with over 32,000 total lots [11] Market Data and Key Metrics Changes - Market conditions remained soft, with homebuyer interest muted due to slow job growth and broader economic uncertainty [5][6] - The company anticipates that home shoppers will re-engage when conditions stabilize, leading to more normalized absorptions [6] Company Strategy and Development Direction - The company is focused on inventory management, disciplined cost control, and increasing the mix of to-be-built homes over time [6] - Long-term goals include scaling operations, consistently growing community count, and increasing book value per share [6][7] - The company plans to end 2025 with approximately 155 communities and expects to grow community count by 10 to 15% by the end of 2026 [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current housing cycle and emphasized the importance of long-term growth strategy [6][9] - The company is encouraged by new market expansions in Utah, Florida, and Coastal Carolinas, expecting meaningful growth beginning in 2027 [7][9] - Management noted that the premium move-up buyer segment has shown resilience, supported by strong income profiles and sound credit [8] Other Important Information - The company repurchased 1.5 million shares for $51 million during the quarter, totaling $226 million year-to-date, reducing share count by 7% [4][5] - The company was recognized as one of Fortune's 100 Best Companies to Work For in 2025, reflecting its strong culture and values [15] Q&A Session Summary Question: Can you provide some color on the monthly cadence of your orders and incentives through the quarter? - The monthly cadence was consistent, with September performing slightly better than August, and incentives on deliveries were 8.2% for the quarter [17] Question: Is there an absolute floor that you want to maintain on your sales pace? - The company is looking at a sales pace between two and two and a half homes per community per month, with strong community count growth anticipated in 2026 [18] Question: How much of the 8.2% incentives were financial incentives? - About a third of the incentives were financing-related, including closing costs [21] Question: Can you update us on your spec position and strategy? - Approximately three-quarters of orders are running as specs, with a focus on moving through excess inventory before returning to a balanced approach [37][38] Question: What are your thoughts on the administration's affordable housing push? - The company shares the goal of providing more housing and is open to working with stakeholders at various levels to contribute to this effort [44] Question: Can you help bracket the moving pieces around the sequential step down in gross margin? - The step down is influenced by increased incentives and the mix of homes sold, particularly spec homes which generally carry higher incentives [46]

Financial Data and Key Metrics Changes - In Q3 2025, the company closed 1,217 homes at an average sales price of $672,000, generating $817 million in home sales revenue [4][12] - Adjusted homebuilding gross margin was 21.6%, excluding $8 million of inventory-related charges, while adjusted net income was $62 million or $0.71 per diluted share [4][12] - The company ended the quarter with $1.6 billion in total liquidity, including $792 million in cash, and a debt to capital ratio of 25.1% [6][14] Business Line Data and Key Metrics Changes - Home orders in Q3 were 995 with an absorption pace of 2.2 homes per community per month [13] - The absorption pace varied regionally, with the West at 2.3, Central at 1.8, and East at 2.8, indicating stronger performance in the DC Metro and Raleigh divisions [13] Market Data and Key Metrics Changes - Market conditions remained soft, with homebuyer interest muted due to slow job growth and economic uncertainty [6][10] - The company anticipates that home shoppers will reengage when conditions stabilize, leading to more normalized absorption rates [6][10] Company Strategy and Development Direction - The company is focused on inventory management, disciplined cost control, and increasing the mix of to-be-built homes over time [7][10] - TRI Pointe is investing in core and expansion markets, aiming for a community count growth of 10% to 15% by 2026, primarily in Central and East Regions [10][12] - The company targets premium move-up buyers, emphasizing strong income profiles and financial stability among its customer base [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook despite near-term uncertainties, highlighting the company's operational discipline and financial strength [12][18] - The company is optimistic about community count growth and expects modest contributions from new market expansions in Utah, Florida, and Coastal Carolinas starting in 2027 [9][10] Other Important Information - The company repurchased $51 million worth of shares in Q3, totaling $226 million year-to-date, reducing the share count by 7% [5][12] - The company was recognized as one of the Fortune 100 Best Companies to Work For in 2025, reflecting its strong corporate culture [18] Q&A Session Summary Question: Can you provide some color on the monthly cadence of your orders and incentives through the quarter? - The monthly cadence was consistent, with September performing slightly better than August, and incentives on deliveries were 8.2% for the quarter [20][21] Question: Is there an absolute floor that you want to maintain on your sales pace? - The company is aiming for an absorption pace between 2 and 2.5 homes per community per month, with expectations for strong community count growth in 2026 [21][22] Question: How much of the 8.2% incentives were financial incentives? - About a third of the incentives were financing-related, including closing costs [26][27] Question: What is your strategy regarding spec homes? - Approximately 75% of orders are running as specs, with a focus on burning through excess inventory before moving to a more balanced approach [44][45] Question: How do you think about pricing strategy for new communities? - The company maintains a premium brand proposition and will price products appropriately based on market value, without significant material pricing changes [50][52]

Financial Performance - Q3 2025 vs Q3 2024 - Orders decreased by 21% to 995 from 1,252[18] - Deliveries decreased by 25% to 1,217 from 1,619[18] - Average Sales Price (ASP) of deliveries decreased by 2% to $672,000 from $688,000[18] - Home sales revenue decreased by 27% to $817 million from $1.114 billion[18] - Net income available to common stockholders decreased by 50% to $56 million from $112 million[18] Margins and Expenses - Q3 2025 - Homebuilding gross margin was 20.6%, a decrease of 270 bps[18] - Adjusted homebuilding gross margin was 24.7%, a decrease of 210 bps[18] - SG&A expense was 12.9% of home sales revenue, an increase of 210 bps[18] Backlog - Q3 2025 - Backlog units decreased by 44% to 1,298 homes[18] - Backlog dollar value decreased by 41% to $1.014 billion[18] Land Supply - Q3 2025 - Total lots owned or controlled amounted to 32,738[12,61] - Owned lots comprised 49% of the total lot position[61] Liquidity and Debt - Ended the quarter with $1.6 billion in total liquidity, including $792 million in cash and cash equivalents[19,82] - Increased term loan facility from $250 million to $450 million[82] Outlook - The company anticipates full year 2025 deliveries between 4,800 and 5,000 homes at an average sales price of approximately $680,000[92]

Home Deliveries and Sales - New home deliveries totaled 1,217 homes with an average sales price of $672,000, generating home sales revenue of $817.3 million for Q3 2025[3] - Home sales revenue for Q3 2025 was $817,298, a decrease of $296,383 or 26.6% compared to Q3 2024's $1,113,681[14] - The company delivered 1,217 new homes in Q3 2025, compared to 1,619 homes in Q3 2024, representing a decline of approximately 25%[25] - For Q4 2025, the company anticipates delivering between 1,200 and 1,400 homes at an average sales price between $690,000 and $700,000[6] - For the full year 2025, the company expects to deliver between 4,800 and 5,000 homes at an average sales price of approximately $680,000[7] Financial Performance - Net income available to common stockholders was $56.1 million, or $0.64 per diluted share, compared to $111.8 million, or $1.18 per diluted share in Q3 2024[3] - Net income available to common stockholders decreased by 49.8% to $56,144 in Q3 2025 from $111,759 in Q3 2024[14] - Adjusted EBITDA for Q3 2025 was $125,796, reflecting a decline of 39.7% from $208,639 in Q3 2024[14] - Diluted earnings per share for Q3 2025 was $0.64, increasing to $0.71 after adjustments[30] - The effective tax rate remained consistent at 27.0% for both Q3 2025 and the nine-month period[30] Margins and Costs - Homebuilding gross margin percentage was 20.6%, down from 23.3% in the previous year, with an adjusted gross margin of 21.6% excluding inventory-related charges[3] - Homebuilding gross margin for Q3 2025 was $168,103, down 35.1% from $259,182 in Q3 2024, with a gross margin percentage of 20.6%[14] - The adjusted homebuilding gross margin for Q3 2025 was 24.7%, down from 26.8% in Q3 2024, indicating a decline of 7.8%[25] - Homebuilding gross margin for the nine-month period was $543,124, with a margin percentage of 22.5%[30] Orders and Backlog - Net new home orders decreased to 995 from 1,252, with a cancellation rate of 12% compared to 10% in the prior year[3] - Net new home orders fell to 995 in Q3 2025, a decrease of 20.5% from 1,252 in Q3 2024[14] - Backlog units at the end of the quarter were 1,298 homes, with a dollar value of $1.0 billion, down from 2,325 homes valued at $1.7 billion a year earlier[3] - The backlog of homes as of September 30, 2025, was 1,298 units valued at $1.01 billion, compared to 2,325 units valued at $1.73 billion as of September 30, 2024, reflecting a decrease of about 44% in backlog value[22] Liquidity and Debt - The company ended Q3 2025 with total liquidity of $1.6 billion, including $792 million in cash and cash equivalents[3] - Cash and cash equivalents decreased by 18.4% to $791,961 as of September 30, 2025, down from $970,045 at the end of 2024[16] - Total homebuilding debt increased by 20.6% to $1,106,754 as of September 30, 2025, compared to $917,504 at the end of 2024[16] - The total homebuilding debt as of September 30, 2025, was $1.11 billion, an increase from $917.5 million as of December 31, 2024, representing a rise of approximately 20.9%[27] - The ratio of homebuilding debt-to-capital increased to 25.1% as of September 30, 2025, compared to 21.6% at the end of 2024, indicating higher leverage[27] - The company reported a net homebuilding debt-to-net capital ratio of 8.7% as of September 30, 2025, compared to a negative ratio of -1.6% at the end of 2024, indicating a significant shift in leverage[27] Stock Repurchase - The company repurchased $51 million of common stock during the quarter, acquiring 1,516,766 shares at an average price of $33.58[1] Other Financial Metrics - Interest expense incurred in Q3 2025 was $19,953, with a total of $61,646 for the nine months[34] - The company reported a net income before income taxes of $76,863 for Q3 2025, adjusted to $85,169[30] - EBITDA for Q3 2025 was $109,244, with adjusted EBITDA reaching $125,796[34] - The company experienced inventory impairment charges impacting both income and tax provisions[30]

Core Insights - Tri Pointe Homes (TPH) reported quarterly earnings of $0.71 per share, exceeding the Zacks Consensus Estimate of $0.51 per share, but down from $1.18 per share a year ago, representing an earnings surprise of +39.22% [1][2] - The company achieved revenues of $817.3 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 3.13%, compared to $1.11 billion in revenues from the previous year [2] - Tri Pointe has consistently surpassed consensus EPS estimates over the last four quarters [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.87 on revenues of $1.02 billion, and for the current fiscal year, it is $2.76 on revenues of $3.39 billion [7] - The estimate revisions trend for Tri Pointe was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Building Products - Home Builders industry, to which Tri Pointe belongs, is currently ranked in the bottom 15% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Tri Pointe's stock performance [5]

Core Insights - Tri Pointe Homes reported strong performance in the third quarter of 2025, delivering 1,217 homes with an average sales price of $672,000, resulting in home sales revenue of $817.3 million, despite a challenging housing market [3][4]. Financial Performance - Home sales revenue decreased by 26.6% compared to the same quarter in 2024, down from $1.1 billion to $817.3 million [4][13]. - New home deliveries fell by 24.8% year-over-year, from 1,619 homes to 1,217 homes [4][14]. - The average sales price of homes delivered decreased slightly by 2.3%, from $688,000 to $672,000 [4][14]. - The adjusted homebuilding gross margin was 21.6%, down from 23.3% in the previous year [4][14]. - Net income available to common stockholders was $56.1 million, or $0.64 per diluted share, a significant decrease from $111.8 million, or $1.18 per diluted share, in the same quarter last year [4][14]. Operational Metrics - The company maintained a cancellation rate of 12%, up from 10% in the previous year [4][14]. - Net new home orders decreased by 20.5% year-over-year, from 1,252 to 995 [4][14]. - The backlog at the end of the quarter consisted of 1,298 homes, down from 2,325 homes, with a dollar value of $1.0 billion compared to $1.7 billion in the previous year [4][14]. Strategic Initiatives - The company repurchased $51 million of common stock during the quarter, reflecting a commitment to returning capital to shareholders [4][5]. - Tri Pointe Homes amended its credit facility to increase the term loan by $200 million, enhancing financial flexibility [4][5]. - The company emphasized maintaining price discipline and strategic capital deployment to navigate the current market conditions [5][6]. Outlook - For the fourth quarter of 2025, the company anticipates delivering between 1,200 and 1,400 homes at an average sales price between $690,000 and $700,000 [6][7]. - The expected homebuilding gross margin percentage for the fourth quarter is projected to be in the range of 19.5% to 20.5% [6][7].