NVR(US:NVR)2024-02-14 21:34Backlog and Home Prices - The backlog totaled 10,229 units valued at approximately $4.8 billion as of December 31, 2023, compared to 9,162 units valued at approximately $4.3 billion as of December 31, 2022[20]. - The average price of homes in backlog decreased to $465,000 at December 31, 2023, down from $472,200 at December 31, 2022[20]. - The average price at which homes were settled in 2023 was $450,700, compared to $454,300 in 2022[18]. Loan Activity - NVRM closed approximately 15,900 loans with an aggregate principal amount of approximately $5.7 billion in 2023, compared to approximately 17,000 loans with an aggregate principal amount of approximately $6.3 billion in 2022[28]. - The cancellation rate was approximately 13% in 2023, compared to 14% in 2022 and 9% in 2021[20]. - The mortgage loans in process that had not closed totaled approximately $2.9 billion as of December 31, 2023, compared to approximately $2.5 billion as of December 31, 2022[28]. Employment and Operations - The company employs approximately 6,300 full-time employees as of December 31, 2023, down from approximately 6,550 employees as of December 31, 2022[32]. - The company utilizes independent subcontractors under fixed price contracts for construction work, ensuring no dependency on a small number of subcontractors[22]. - The company anticipates continued improvements in supply chains and construction cycle times following disruptions in 2021 and 2022[27]. Financial Metrics - Mortgage loans held for sale amount to $216,211,000 with an average interest rate of 6.5%[181]. - Interest-bearing deposits in the homebuilding segment total $3,085,220,000 with an average interest rate of 5.3%[181]. - Fixed rate obligations are recorded at $900,000,000 with an average interest rate of 3.0%[181]. - Forward loan commitments amount to $60,982,000[181]. - The fair value of forward trades of mortgage-backed securities is $(18,297,000)[181].