Financial Performance - NVR, Inc. reported a net income of $299.6 million for Q1 2025, a decrease of 24% from $394.3 million in Q1 2024. Diluted earnings per share fell by 19% to $94.83 from $116.41 [1] - Consolidated revenues for Q1 2025 were $2.40 billion, reflecting a 3% increase from $2.33 billion in Q1 2024 [1] Homebuilding Segment - New orders in Q1 2025 decreased by 12% to 5,345 units compared to 6,049 units in Q1 2024. The average sales price of new orders was $448,500, down 1% from the previous year [2] - The cancellation rate for new orders rose to 16% in Q1 2025 from 13% in Q1 2024 [2] - Settlements increased by 1% to 5,133 units in Q1 2025, with an average settlement price of $457,900, up 2% from Q1 2024 [2][3] - Homebuilding revenues were $2.35 billion in Q1 2025, a 3% increase from $2.29 billion in Q1 2024. However, the gross profit margin decreased to 21.9% from 24.5% due to higher lot costs and pricing pressures [3] Mortgage Banking Segment - Mortgage closed loan production in Q1 2025 totaled $1.43 billion, an increase of 4% compared to $1.38 billion in Q1 2024 [4] - Income before tax from the mortgage banking segment rose by 12% to $32.5 million in Q1 2025 from $29.0 million in Q1 2024 [4] Tax Rate - The effective tax rate for Q1 2025 was 25.5%, up from 16.2% in Q1 2024, primarily due to a lower income tax benefit recognized for excess tax benefits from stock option exercises [5] Company Overview - NVR, Inc. operates in two segments: homebuilding and mortgage banking, with operations in thirty-six metropolitan areas across sixteen states and Washington, D.C. [6]