Homebuilder and mortgage company NVR’s (NVR) stock jumped about 2% Thursday, after the firm reported sharply higher income in its fourth quarter and beat analysts’ estimates, amid rising home sales. The stock is up 9% this year.
New orders increased 22% to 2,625 homes, while settlements were up 17%. The company’s backlog, an indication of future business, rose 35% to 4,979 homes.
NVR builds and sells homes under the trade names Ryan Homes, NVHomes, Fox Ridge Homes and Heartland Homes and operates in 15 states as well as Washington, D.C.
In the local Williamsburg and Hampton Roads Market Ryan Homes is dominating the new construction market with better than a 50% share.
Ryan Homes is currently building in the seventeen communities in the area including Kentlands and Patriots Landing in New Kent, Stonehouse Glen, Burlington Woods, Wellington, Greensprings West, The Settlement at Powhatan Creek, Windmill Meadows, White Hall in James City County/Williamsburg, Sunset Meadows, Riverwalk Townes and Mansion Woods in York County, Turtle Creek in Newport News, Culpepper Landing, The Park at Centerville Commons, Crystal Lake South in Chesapeake & Eagle Harbor in Carrolton.
Along with building homes, NVR does mortgage banking. It’s loan production was up 23% from a year ago, with operating income from that segment rising 50% to $9.7 million. As housing recovers and amid many refinancing’s
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